GRAMMER AG : Sales to decline sharply in 2020e – Estimates and target price cut further
>Final 2019 results as expected, dividend of €0.11 per share - Grammer’s final 2019 results, released yesterday, were in line with the preliminary figures (4 February). Final group 2019 sales came in at € 2,039m (+10% y-o-y), largely driven by the consolidation of TMD (we estimate +15% y-o-y). Nevertheless, 2019 group sales reflect an organic decline in the automotive segment, due to challenging market conditions in Europe especially. 2019 operating EBIT (adj. for FX...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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