LEONI AG : Structural concerns remain despite solid Q4 2020 operational performance. Underperform rating maintained, new target price at € 7.00 (vs € 4.00)
>Final 2020 results reflect better-than-expected Q4 2020 operational performance - Yesterday, Leoni released final 2020 figures with some negative deviation from prelims as of end-January. 2020 group sales came in at €4,134m (-15% y-o-y) largely on the back of COVID-19 related substantial decline in global LV production. 2020 group EBIT before items & Value 21 is at €-59m (-1.4% margin, -10bp y-o-y) and thus broadly in line with previous year’s figure (-€ 66m, -1.3% m...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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