GRAMMER AG : Yoy decline expected in Q1 2019 group operating EBIT margin; downgrade to Neutral
>Slight yoy decline expected in Q1 2019 group operating EBIT margin - Grammer will report its Q1 2019 results on 14 May. We expect Q1 2019 group sales of € 534m (+17% yoy) to be mainly driven by a scope effect of 16% yoy (acquisition of TMD in automotive segment) and slight yoy organic growth (+2%), solely coming from commercial vehicles. For automotive, we estimate a slight yoy organic sales decline. Our Q1 2019e group EBIT estimate stands at € 24.6m (4.6% margin, +1...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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