NORMA Group SE : 2021 guidance a touch more upbeat than expected, new target price of € 38 (vs € 36). Neutral rating maintained
>Final 2020 results in line with preliminary results - Norma released final 2020 results in line with preliminaries as of mid-February. We note its prelims. were in line with our estimates. Final 2020 group sales came to € 952m (-13% y-o-y) and adj. group EBITA to € 55m (5.7% margin, -7.5pp y-o-y). Net operating cash flow for 2020 was down 36% y-o-y at € 78m, mainly on the back of much lower earnings y-o-y, with working capital management and strict capex discipline h...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.
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