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Hella GmbH & Co. KGaA : 2019-20 guidance weaker than expected – we further trim our estimates and cut our TP to € 33 (prev. € 36) – Reduce rating maintained
>Full-year 2018-19 results in line with our expectations - Hella released its full-year 2018-19 results on 09 August in line with its preliminary results (25 July). Group sales came in at € 6,990m (+4% yoy, organic +5% yoy), in line with our estimate (€ 7,025m, +5% yoy organic), and adj. group EBIT came in at € 585m (8.4% margin, +10bp yoy), also in line with our estimate (€ 585m, 8.4% margin) and marginally ahead of consensus (€ 579m, 8.3% margin). EPS stood at € 5.6...
Underlying
HELLA GmbH & Co. KGaA
Provider
Oddo BHF
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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