ElringKlinger AG : Expecting a longer recovery vs consensus – Reduce rating maintained
>Soft Q2 2020 in line with our estimate, vague 2020 guidance maintained - On 7 August, ElringKlinger reported soft Q2 2020 results in line with our expectations. Q2 2020 group sales came in at € 252m (-41% y-o-y organic) in line with our estimate (€ 251m) on the back of plant shutdowns at automotive OEM customers. Q2 2020 group EBIT of -€ 32m (-12.8% margin, -15.1pp y-o-y) is also in line with our estimate (-€ 31m) and reflects a 24%/33% operating leverage vs Q2 2019...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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