ElringKlinger AG : Soft Q2 2019e results in prospect, likely 2019 guidance downgrade, target price lowered
>Soft Q2 2019e results in prospect - ElringKlinger will report its Q2 2019 results on 8 August. We expect Q2 2019e group sales to come in at € 442m (+1% yoy organic) in a soft global LV production environment (IHS -7.5% yoy), offset by ongoing strong demand in NAFTA. We expect Q2 2019e group EBIT pre PPA to be down c. 50% y-o-y at € 14m (3.1% margin). We estimate Q2 2019e automotive OE sales of € 363m (+1% y-o-y in organic terms) and EBIT of € 3m (0.8% margin). §...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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