GRAMMER AG : We expect 2021 EBIT to beat guidance; upgrade to Outperform (vs Neutral). New target price at € 33 (vs € 15)
>Final 2020 results largely known following the prelim. release in January - Yesterday, Grammer reported final 2020 results after having released preliminaries at end-January. Accordingly, final 2020 results contained no major surprises and the new element is the guidance for 2021 which is more upbeat than we had expected. Final 2020 group sales stand at € 1.7bn (-16% y-o-y) and 2020 group op. EBIT came in at -€ 12m (-0.8% margin, -450bp y-o-y). Reported group EBIT f...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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