ElringKlinger AG : Following weak cash generation and struggling core Auto business in Q3 2018, we cut our TP further to € 5
>Q3 2018 group EBIT pre PPA margin in line with our expectations - ElringKlinger (EK) reported Q3 2018 group sales of € 406m (+1% yoy, organic +5% yoy), a touch above our estimate of € 400m. Group Q3 2018 EBIT pre PPA came in at € 24m (5.9% margin) in-line with to marginally above our estimate of € 23m (5.7% margin). A valid consensus was not available. Note that there was an EBIT-inflating effect of €4m in Q3 2018 due to a reversal of short-term provisions. Operating...ElringKlinger is a holding company. Co., through its subsidiaries, is engaged in the manufacturing and supply of cylinder-head and specialty gaskets, plastic housing modules, thermal and acoustic shielding parts for engine, transmission and exhaust tract applications, exhaust gas purification systems and components for lithium-ion batteries and fuel cells. Alongside vehicle and engine manufacturers, Co.'s customer base includes numerous automotive suppliers, particularly in the field of turbochargers, exhaust technology and transmission engineering. Co.'s operating business is divided into five segments: Original Equipment, Aftermarket, Engineered Plastics, Services and Industrial Parks.
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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