Gestamp Automocion : A strong Q1, but our fundamental view of the stock remains unchanged
>Q1 2021 slightly ahead of forecasts - Q1 2021 sales for Gestamp came in at € 2,108m, +4.8% y-o-y (+11.7% l-f-l), close to our estimates (€ 2,138m) and consensus (€ 2,092m). EBITDA stood at € 258m, implying a margin of 12.3% (+270bp yoy), above our estimates (€ 236m) but in line with the consensus (€ 250m). EBIT (€ 112m, 5.3% margin, +320bp yoy) and attributable net profit (€ 51m, 2.4% margin, +170bp) posted higher beats, but on small numbers (EBIT and net profit of €...Gestamp Automocion SA. Gestamp Automocion SA is a Spain-based company primarily engaged in the auto parts manufacture. It focuses on the design, development and production of metal components and structure systems for the automotive industry. The Company's products portfolio includes skin panels and closure parts, structural and body components, chassis, bumpers and dashboard crossbeams, among others. The Company's customers include Volkswagen, Renault-Nissan, PSA, Daimler, General Motors and BMW, among others. The Company is a parent of the Gestamp Automocion Group, a group, which comprises a number of subsidiaries with operations established in North and South America, Europe and Asia. The Company is controlled by Acek Desarrollo y Gestion Industrial SL.
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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