LEONI AG : Weak Q3 2019 results as expected – Reduce rating maintained
>Q3 2019 EBIT below consensus on weaker-than-expected WSD EBIT - Leoni reported Q3 2019 group sales of € 1.15bn (-5% y-o-y organic) below our (€ 1.18bn) and consensus estimate (€ 1.16bn) in an environment of soft demand in automotive and industrial sectors. Q3 2019 reported group EBIT came in at -€ 67m short of our estimate (-€ 62m) and the consensus forecast (-€ 60m). Adjusted for one-offs and "Value 21" costs, Q3 2019 group EBIT was negative at -€ 15m, slightly shor...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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