GEA Group AG : Resilient Q2 results (adj. EBITDA 3% above consensus, OI in line), FY 2023 outlook confirmed but leaving limited upside, target price cut to € 45 (€ 48)
>Adj. EBITDA margin at SFT (26.1%) broadly drives group results (14.3%), order intake down 2% y-o-y but in line with the consensus - Gea reported Q2 2023 a 2% y-o-y decline in order intake to € 1,381m, fully in line with the consensus estimate of € 1,384m. The strongest uptick was in LPT with organic growth of +16% y-o-y, followed by FHT (+3%). Momentum on order intake at the other three divisions, SFT, HRT & Farm Tech, was somewhat muted due to Gea’s order selectivi...GEA Group focuses on the development and production of process technology and components for production methods. Co. segments include: GEA Food Solutions, which manufactures machinery for preparing, marinating, processing, cutting, and packaging meat, poultry, and other foods; GEA Farm Technologies, which manufacturers product solutions for milk production and livestock farming; GEA Mechanical Equipment, which concentrates in separators, decanters, valves, pumps, and homogenizers; GEA Process Engineering, which designs and develops of process solutions for the pharmaceutical, and chemical industries; and GEA Refrigeration Technologies, which concentrates in refrigeration technology.
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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