NORMA Group SE : We are upgrading to Neutral post 2019 guidance cut, new target price of € 28 (vs € 30 previously)
>2019 guidance cut – CEO leaving - Last Friday, Norma cut its 2019 guidance on the back of soft preliminary Q2 2019 results, weaker-than-expected growth for H2 2019e implying no market recovery, driven by soft automotive markets and increased investment reluctance especially in EMEA and Asia-Pacific as well as additional costs for implementing ERP software in Latin America. Note that current CEO Bernd Kleinhens (since January 2018) will be leaving by mutual agreement ...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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