KAPSCH TRAFFICCOM AG : H1 18-19 EBIT pressured by project delays; TP lowered to € 39 (52.5) due to risk adjustments; Buy maintained as share price reaction looks overdone
>Margin adjustments on several projects - Kapsch TrafficCom reported its Q2 2018-19 results on 21 Nov. Revenues were down -1.2% yoy to € 177.6.2m, beating our est. of € 169.8 and consensus of € 169.4. The yoy decrease was related to project delays, as was already the case in Q1 in the ETC segment, mainly affecting projects located in Europe. Q2 18-19 EBIT was down -21.1% yoy (as planned) to € 10.7m, translating into an EBIT margin of 6.0%. The EBIT decrease was drive...Kapsch TrafficCom is an international supplier of superior intelligent transportation systems (ITS). Co. subdivided into the following three segments: Road Solution Projects; Services, System Extensions, Components Sales; and Others. The segment Road Solution Projects relates to the installation of ITS solutions. The segment Services, System Extensions, Components Sales relates to the sale of services and components in the area of ITS solutions. The segment Others relates to non-core business activities conducted by Kapsch Components KG. In this segment, Co. offers engineering solutions, electronic manufacturing and logistics services to affiliated entities and third parties.
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