GRAMMER AG : Target price raised on revised estimates; Q2 2018e preview
>Q2 2018e: slight yoy improvement in the group op. EBIT margin - Grammer will report its Q2 2018 results on 07 August. The group top-line performance was probably still impacted by i/ FX headwinds (albeit softer qoq), and ii/ a somewhat weaker Automotive performance. We expect group sales to increase 5% yoy to € 472m. For group EBIT we expect a 78% yoy increase to € 22.5m, resulting in a 4.8% margin (+200bp yoy), which was likely negatively impacted in Q2 2018e by i/...Grammer is engaged as a producer of seating systems and automotive interiors. Co. supplies original equipment manufacturers (OEMs) of commercial and off-road vehicles, including agricultural and forestry vehicles as well as construction machinery and material handling vehicles. Other customer groups include rail transport OEMs, rail operators and bus manufacturers. Co. operates through two division: Seating Systems, which develops and produces driver and passenger seats for agricultural and construction vehicles, forklifts, trucks, buses and trains; and Automotive, which supplies headrests, armrests and center consoles to carmakers and systems suppliers for the automotive industry.
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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