ElringKlinger AG : Q3 2019 better-than-expected, but structural issues remain. Downgrade to Reduce (vs Neutral) – New target price of € 6 (vs € 5)
>Q3 2019 EBIT pre-PPA better-than-expected - On 6 November, ElringKlinger reported Q3 2019 group sales of € 432m (+6% y-o-y, organic +4% y-o-y) ahead of our estimate (€ 417m, +3% y-o-y) as growth momentum from North America (+25% y-o-y) was more positive than we expected. Q3 2019 group EBIT pre-PPA of € 21m (4.8% margin) beat our expectations (€ 14m, 3.4% margin) and reflected a continued step-up in margins throughout 2019 (Q1 2019: 1.6%, Q2 2019: 2.5%). Nevertheless,...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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