ElringKlinger AG : Q1 2021 earnings recovery driven by Auto OE and Engineered Plastics, TP raised to € 13 (vs €12). Neutral maintained
>Final Q1 2021 in line prelims, net debt reduction progressing further - Yesterday, ElringKlinger released final 2021 results in line with preliminaries as of 16 April. Final Q1 2021 group sales expanded to € 424m (+7% yoy, +11% organic) and reflect a strong yoy recovery of global LV production and some FX headwind, predominantly from the EUR/USD. We note that the marked yoy APAC region sales expansion (+39% yoy, 19% of group sales) was responsible for >80% of the yoy...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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