DÜRR AG : FY 2024 adj. EBIT margin target of 8% revised to 4.5%-6.0% (~20% downside to cons at mid-point), new € 30 TP, current valuation backs Outperform rating
>Key reason behind the profit warning = Homag (up to 15% y-o-y sales decline on the cards for FY 2024) - At Homag, order intake declined by >30% y-o-y in 9m 2023 (i.e. <€ 320m in Q3 2023 = ~flat q-o-q). As a consequence, HOMAG is planning capacity adjustments to bring down costs and to ensure a minimum adj. EBIT margin level of 2% (= FY 2022 trough level) in FY24 (conservative approach - confirmed by the company). Bear in mind that we talk about ~55% fix costs ratio...Duerr is a mechanical and plant engineering group based in Germany. Co. operates through five divisions: Paint and Assembly Systems (production and paint finishing technology for automotive bodyshells and aircraft); Application Technology (products and systems for automated painting applications as well as sealing and glueing technology); Measuring and Process Systems (machines and systems for use in engine, drive construction and final assembly); Clean Technology Systems (plant and equipment for purifying exhaust gases produced by industrial processes and energy efficiency technologies for production processes); and Woodworking Machinery and Systems (machinery for the woodworking industry).
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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