ElringKlinger AG : Weak 2019 EBIT guidance increases urgency to work on CF generation; upgrade to Neutral on limited downside
>Q4 2018 EBIT pre PPA much worse than expected - Yesterday (19 Feb), ElringKlinger released prelim. 2018 results which imply a weak Q4 2018. Prelim. Q4 2018 group sales came in at € 430m (+3% yoy, organic +7% yoy), clearly above our estimate (€ 409m). Q4 2018 EBIT pre PPA for of € 12m (2.8% margin, -450bp yoy) was far below our estimate (€ 20m, 4.9% margin) and consensus (€ 20m). The company cited high raw mat prices and NAFTA cost improvement measures not fully kicki...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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