GRAMMER AG : Challenging 2020e ahead – New target price of € 29 (vs € 41), Neutral maintained
>Soft Q3 2019 results - Grammer has reported Q3 2019 group sales of € 498m (+15% y-o-y) slightly ahead of our expectations (€ 493m), solely driven by consolidation effects in the automotive segment. Q3 2019 group EBIT was € 11.7m (margin of 2.3%) in line with our estimate of € 12.1m (margin of 2.4%). Operating group EBIT for Q3 2019 was only € 9.1m (margin of 1.8%). These soft Q3 2019 results reflect continued challenging conditions in the automotive industry as well ...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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