hGears : 2022 a transition year; 2023 the year of the truth
>Downgrade to Neutral, TP to € 20/share - Despite the severe share price reaction since Q4 2021 results and 2022 guidance were released (c.-20%), we downgrade hGears to Neutral from Outperform and lower our price target to € 20 from € 31 (multiples-based versus previously DCF-based). Although hGears is guiding for improving sales and EBITDA throughout 2022 based on the orderbook, persisting supply chain issues in the E-bike as well as the automotive markets may result...
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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