DÜRR AG : Homag = no short-term fix & even lower margins for longer? Utilisation rate must be reduced quickly (incl. idle costs), not the end of bad news & no visibility
>Homag with muted FY24 prospects (same heard from Biesse), slowing down Homag from ‘Hero to Zero’ might become difficult in the current set-up - After we attended the management call on Dürr’s FY 2024 warning, we derived the conclusion that the Homag issues will not be a short-term fix. What we have learned so far: 1/ Order intake at Homag declined by >30% y-o-y in 9M 2023 (i.e. <€ 320m in Q3 2023), 2/ decline in orders goes far beyond the expected level, 3/ demand wi...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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