LEONI AG : Underlying Q2 2019 EBIT and 2019 guidance below our expectation – cutting our estimates and TP further
>Underlying Q2 2019 group EBIT misses our cautious expectation - On 14 August, Leoni reported Q2 2019 group sales of € 1.25bn (-6% yoy organic) in line with our estimate (€ 1.25bn) and marginally below consensus (€ 1.26bn). Reported group EBIT came in at € -30m (Q2 2018: € 62m) including costs of € 17m for the VALUE 21 programme (€ 11m in WSD, € 6m in WCS). Thus, group EBIT pre VALUE 21 costs totalled € -14m (rounded).We also note that the reported results were i...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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