Report
Delphine Brault

Knorr-Bremse AG : Management in confident mood. Minor adjustments to our figures

>Q2 2020 figures right in line - Knorr-Bremse, which had pre-announced its Q2 2020 results, posted revenues of € 1.428bn, down 21.3% organically (consensus € 1.427bn), an operating EBITDA margin of 17.2% (down 190bp y-o-y; consensus 17.1%) and a net result of € 115m vs € 109m expected. Order intake amounted to € 1.139bn, down 29.5% in organic terms. FCF was decent at +€ 48m vs +€ 158m in Q2 2019; it was in danger of being in negative territory given the scale of the c...
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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