Gestamp Automocion : Confidence on the margin recovery, but the cash generation profile is unchanged in our opinion
>Good 2020 FCF thanks to WCR, and positive margin guidance - Gestamp’s 2020 results reported yesterday evening came out in line with expectations for revenue and EBITDA and higher for FCF (€ 270m vs Oddo € 133m), but only thanks to another favourable WFR swing in Q4 (FY WFR impact of € 398m), making the performance difficult to extrapolate. For 2021, the group has guided on a mid-single-digit outperformance, in line with our expectations (+6%e), but has also shown its...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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