Hensoldt AG : Clear visibility and attractive growth but fairly valued
>Mix expected to be less favourable in 2023 - With the group having achieved an adjusted EBITDA margin ex pass-through of 20.4% (+100bp) in 2022 despite temporary supply shortages, we expect the margin to weaken to 19.1% in 2023 at € 328.8m, based on a normalisation in the programme mix (fewer services and radar). This mix effect will mainly impact Sensors as Optronics is set to be able to return to a more normative margin of 20.5%. Further out, we forecast a steady i...
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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