NORMA Group SE : Final Q2 2020 results contained no surprises; Reduce rating maintained in expectation of a more muted adjusted EBITA recovery vs the consensus
>Final Q2 2020 results contained no surprises vs prelims - Yesterday, Norma released final Q2 2020 results in line with preliminaries as of 16 July.Final Q2 2020 group sales are down 34% y-o-y in organic terms to € 192m following COVID-19 related shutdowns at customers in both EJT and DS. Especially Q2 2020 sales in Norma’s core regions EMEA (-46% y-o-y organic) and Americas (-30% y-o-y organic) were soft while APAC sales experienced a more modest organic sales d...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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