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Hella GmbH & Co. KGaA : We expect Q1 2019-20e EBIT above consensus, but valuation remains stretched: Reduce
>We expect Hella’s Q1 2019-20e group EBIT to beat consensus - Hella is due to report its Q1 2019-20 results on 26 September. We expect the following: i/ group sales of 1,574m (-12% yoy, organic -4.6%) amid a global light vehicle (LV) production environment that is clearly declining (1e7.1% yoy); and ii/ group adj. EBIT down 18% yoy to € 115m (7.3% margin, -50bp yoy) on the back of pronounced call-off volatility with adverse effects on personnel costs and R&D costs. Our...
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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