ElringKlinger AG : Final 2020 results review: continuing deleveraging, new target price of € 9.50 (vs € 5.50). Underperform rating maintained
>Final 2020 results in line with preliminaries, deleveraging continues - ElringKlinger yesterday posted final 2020 results confirming preliminary results as of February.Final 2020 group sales were down 14% y-o-y (organic -12% y-o-y) and final 2020 group EBIT was € 28m (1.9% margin, -1.6pp y-o-y). We like the fact that 2020 group op. FCF could be maintained at an attractive level of € 165m (2019: €176m), after capex discipline and optimised working capital, thus c...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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