ElringKlinger AG : Q2 2019 EBIT pre PPA below our expectation – lowering our estimates and TP further
>Q2 2019 EBIT pre PPA misses our expectation - ElringKlinger reported Q2 2019 group sales of € 434m (+1% yoy, organic -0.3% yoy), below our expectation of € 442m. The aftermarket and engineered plastics segments each reported yoy sales declines of 4% on the back of i/ geopolitical tensions (North Africa), ii/ muted demand in Germany and western Europe (aftermarket), and iii/ soft demand from the mechanical engineering and vehicle industries (engineered plastics). Grou...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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