LEONI AG : High uncertainty prevails after clear earnings miss in Q1 2019; TP lowered
>Q1 2019 reported EBIT of € -125m is a clear miss, also in underlying terms - Leoni reported Q1 2019 group sales of € 1.26bn (-5% yoy, organic -5% yoy) amid a weak global LV production environment, while group EBIT fell clearly into negative territory at € 1e125m (Q1 2018: € 63m EBIT) mainly on i/ write-downs of tangible and intangible assets as a result of a reassessment of the order book (€ 67m), ii/ provisions for losses expected on existing orders (€ 35m), and iii/...Leoni AG acts as the holding company, engaged in providing wires, optical fibers, cables and cable systems as well as related services for applications in the automotive sector and other industries. Co.'s business comprised of two divisions: Wire & Cable Solutions (WCS), which develops, produces and assembles wires and strands, optical fibers, standard and special cables, hybrid and optical cables as well as complete cable systems for a variety of industrial applications; Wiring Systems Division (WSD), which develops, produces and sells cable harnesses, complete wiring systems as well as related components for the global car, commercial vehicle and supply industry.
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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