NORMA Group SE : Challenging 2020e ahead – we estimate adj. group EBITA down 22% y-o-y. Neutral rating maintained, target price cut to € 19
>Final 2019 result release in line with expectations - Yesterday, Norma released final 2019 results confirming preliminary figures released in February. 2019 group sales came in at € 1,100m (+2% y-o-y, organic -2% y-o-y) and adj. group EBITA declined 16% y-o-y to € 145m due to higher personal expenses and increased depreciation as expected. Net operating cash-flow for 2019 stands at € 123m and is in line with our expectations when adjusted for the deviation of factori...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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