NORMA Group SE : Prelim. Q3 2019 with resilient adj. EBITA margin, but soft sales growth – estimates and target price cut; Neutral rating maintained
>Prelim. Q3 2019 with resilient adj. EBITA margin, but soft sales growth - Yesterday afternoon, Norma released prelim. Q3 2019 results and cut its 2019 sales guidance. Prelim. Q3 2019 group sales came in at € 274m (+2% y-o-y, organic -0.1% y-o-y) reflecting lower-than-expected growth in all regions, but especially soft EJT business in the US following strikes at key OEMs in the passenger and commercial vehicle segments. Prelim. Q3 2019 adj. group EBITA margin came in ...NORMA Group is a holding Company. Co. manufactures and markets joining products and solutions in three product categories clamps (CLAMP), joining elements (CONNECT) and connections/fluid systems (FLUID). Co.'s clamp products and solutions are manufactured from unalloyed steels or stainless steel and are generally used to join or seal elastomer hoses. Co.'s connection products include connectors made of unalloyed steels or stainless steel that are partly equipped with elastomer or metal seals and are used as the joining and sealing elements of metal and thermoplastic pipes. Co.'s fluid products are either single or multiple layer thermoplastic plug-in connectors for liquid systems.
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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