Report
Delphine Brault

Knorr-Bremse AG : Adjustments to our forecasts. A high-quality stock but fully valued

>We have adjusted our forecasts - We have reworked our forecasts, resulting in modest adjustments. We now expect organic growth of -8.6% in 2020 and then +12% in 2021. In terms of operating EBITDA margins, we forecast 17.5% in 2020e and 18.8% in 2021e (vs 18.8% in 2019). Our net income forecasts now stand at € 495m (revised tax rate) and € 667m respectively, and our FCF is estimated at € 443m in 2020e and € 570m in 2021e. For Q4 2020, we forecast revenues of € 1.592bn...
Underlying
Knorr-Bremse AG

Knorr Bremse AG is a Germany-based company that manufactures braking systems and other subsystems for rail and commercial vehicles. It operates through two segments: Rail Vehicle Systems and Commercial Vehicle Systems. The Rail Vehicle Systems segment equips mass transit vehicles, such as metro cars, and mainline freight and passenger trains with brake systems, as well as entrance systems, heating, ventilation and air conditioning (HVAC) systems, auxiliary power supply, driver assistance systems, electrical traction equipment and control technology, among others. The Commercial Vehicle Systems segment offers products for trucks, buses, trailers and agricultural machinery. Its product portfolio includes brake systems and vehicle dynamics solutions, such as driver assistance, energy supply and distribution systems, such as air compressors, and fuel efficiency products and transmission subsystems, such as vibration dampers, among others. The Company also offers aftermarket services.

Provider
Oddo BHF
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.

Analysts
Delphine Brault

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