Knorr-Bremse AG : We have trimmed our estimates after Q4; Neutral rating maintained
>We have shaded down our forecasts - We have reworked our forecasts, with downward adjustments of around 8-9% at the EPS level. We now expect organic revenue growth of +9.6% in 2021 and then +7.5% in 2022. In terms of operating EBITDA margins, we forecast 18.5% in 2021e and 19.4% in 2022e (vs 18.0% achieved in 2020). Our net income forecasts are now € 605m and € 715m respectively, and our FCF is estimated at € 517m in 2021e and € 674m in 2022e. Net income-FCF conversi...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.
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