Report
hGears : Not the Q2 we had expected, FCF holding up, 2024 guidance reiterated
>Weak sales e-bike result in miss on sales and EBITDA - Due to continued destocking in E-bike and weak Automotive (included in E-mobility), hGears missed our sales estimate by 7%. Although the gross margin held up well and was higher than we had expected, the absolute lower gross profit (a miss of 5%) resulted in a break-even adj. EBITDA where we had expected a small improvement on Q1 (adj. EBITDA of €0.5m). As said, the major culprit was e-bike where sales in Q1 came...
Underlying
HGEARS AG
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.
Martijn Den Drijver
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