Knorr-Bremse AG : We adjust our estimates slightly; Neutral rating maintained
>We shade up our estimates - We have reworked our forecasts, leading to adjustments of around +1% for EPS. We now expect organic sales growth of +10.9% in 2021 and +7.5% in 2022. In terms of operating EBITDA margins, we forecast 18.8% in 2021e and 19.7% in 2022e (vs 18.0% achieved in 2020). Our net profit estimates now work out at € 609m and € 720m in 2021e and 2022e, respectively, and our FCF estimates at € 559m and € 690m. For RVS (rail), we see a recovery in billin...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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.