LEONI AG : Q2 2019e results to reflect underlying q-o-q EBIT decline in WSD; target price reduced to € 9 (from € 10)
>Weak Q2 2019e results ahead - Leoni will report Q2 2019 results on 14 August 2019. We estimate Q2 2019e group sales at €1.25bn (-5% y-o-y organic) in a challenging automotive environment characterised by soft global LV production (IHS: -7.5% y-o-y). Our Q2 2019e group EBIT (incl. at-equity results) stands at -€ 56m, adjusted for our one-off estimates for Value 21 (€ 40m) and Merida (€ 20m) group EBIT would amount to € 4m, i.e. a € 10m underlying q-o-q decline on the ...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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