Report
Delphine Brault

Knorr-Bremse AG : We have further lowered our forecasts and are still at Neutral

>We have lowered our forecasts beyond Q3 - Knorr Bremse continues to suffer from the ongoing woes in the rail segment (slow recovery, delayed projects, sharply lower business in China) but also supply chain disruptions in trucks, which are impacting clients and suppliers. The new 2021 guidance is for FY revenues of € 6.6-6.8bn vs € 6.5-6.9bn previously, while the operating EBITDA margin is expected to be 17.5-18.0% (vs 17.5-19.0%) and the operating EBIT margin 13.0-13...
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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