Mahle : Slow recovery, supplemented by asset sales?

Mahle has returned to more sustainable operating levels in H2 2022 and Q1 2023, removing some threat of a downgrade and helping the 2028 bonds to outperform the market year to date. The short-term outlook seems positive, with reassuring messages from management and the whole industry. Although Mahle should continue to recover one step behind peers due to high dependence on thermal vehicles and restructuring efforts, some assets sales could be a catalyst over the year. The 2028 bo...