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Hella GmbH & Co. KGaA : Q3 2020-21 adj. EBIT a touch below our est.; 2020-21 guidance uplift largely anticipated. Neutral maintained, new target price of € 47 (vs € 48)
>Q3 2020-21 sales in line, adj. EBIT a touch below our expectations - Yesterday, Hella reported Q3 2020-21 results, with group sales of € 1,545m (+1% y-o-y) broadly in line with our estimate (€1,549m) in the context of a somewhat soft global LV production environment (IHS: +2.7% y-o-y). We note particularly that LV production in Hella’s core markets Germany, other Europe and NSA (2019-20: 82% of group sales) experienced marked y-o-y declines. Q3 2020-21 group adj. EBI...
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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