Continental : Cautious outlook does not play in favour of further re-rating in the near term
>No major surprises in Q3 2019 after prelim results - With the group already having released preliminary figures when it announced exceptional charges of € 2.5bn for 2019, yesterday’s results publication held no major surprises. However, note the confirmed weakness of margins in the automotive and tyres segments but also the welcomed rebound at ContiTech. Expectations were thus mostly on the FCF (€ 343m), in line, lending more weight to the FY target (€ 1.2bn-€ 1.4bn)...Continental is an automotive industry supplier. Co.'s automotive divisions comprised of: Chassis & Safety, which develops and produces systems that provide safety and enhanced vehicle dynamics; Powertrain, which develops solutions for gasoline and diesel engines, as well as hybrid and electrical drive systems; and Interior, which provides solutions for information management within vehicles and networking between vehicles. Co.'s rubber divisions comprised of: Tires, which provides tires for passenger cars through trucks, buses and construction site vehicles to special vehicles, motorcycles and bicycles; and ContiTech, which develops products made from rubber and plastic.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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