Report
Hella GmbH & Co. KGaA : Q2 2019-20 EBIT slightly below our expectations – Reduce maintained due to high valuation and below-consensus estimates
>Q2 2019-20e adjusted group EBIT slightly short of our estimate - Last week, Hella reported Q2 2019-20 group sales of € 1,743m (-1% y-o-y) in line with our (€ 1,739m) and consensus expectation (€ 1,734m). Q2 2019-20 group adjusted EBIT came in at € 144m (-11% y-o-y, 8.3% margin, -90bp y-o-y) marginally short of our estimate (€ 146m, 8.4% margin), but, as expected, 4% ahead of the company-compiled consensus (€ 138m, 8.0% margin). Nevertheless, we note higher-than-estim...
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.
Harald Eggeling
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