MTU Aero Engines : Cautious tone should be viewed in perspective
>Disappointment on the H2 2021 spare parts target... - After a solid Q2 with EBITA of €103m (4% above consensus) and strong FCF generation at € 81m (vs € 46m for the consensus), we were slightly disappointed by the cautious tone on the spare parts business, with the annual guidance maintained at "low to mid single digit", despite a more optimistic tone on military sales growth (between 5-10% vs. a slight growth previously) and on cash conversion now expected to be bet...MTU Aero Engines manufacturers engine modules and components, and providers MRO (Maintenance, Repair and Overhaul) services for commercial aero engines. Co.'s activities range through the development, construction, testing and production of new commercial and military engines and spare parts, through to maintenance, repair and overhaul of commercial and military engines. Co.'s segments comprised of: OEM business (Original Equipment Manufacturing), which covers new commercial engines, including spare parts, and the whole of the military sector; and MRO business, which engaged in commercial maintenance activities covering the areas of maintenance and logistical support for commercial engines.
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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