GRAMMER AG : 2020e could be even softer than already expected – estimates and target price reduced
>We expect Q1 2020e group operating EBIT to be down about 50% y-o-y - Monday and Tuesday, Grammer issued two releases stating that: i/ Q1 2020e sales and operating EBIT are forecast to be down markedly y-o-y, and ii/ 2020e group sales (2019: >€ 2bn) and operating EBIT (2019: € 77m) are forecast to decline y-o-y, though it did not give further details on the scale of the decline and segment split. For Q1 2020e, we expect group sales to fall 9% y-o-y to € 485m and grou...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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