NORMA Group SE : We expect a gradual recovery following a likely Q2 2020e adj. EBITA loss
>Q1 2020 group sales in line, group adjusted EBITA below our estimate - Norma reported Q1 2020 group sales of € 254m (-8% y-o-y, -9% y-o-y organic) broadly in line with our estimate (€ 256m). The y-o-y group sales decline in Q1 2020 as expected reflects weak EJT business in all regions on customer production shutdowns following COVID-19 and slight y-o-y organic growth of the US water business. Q1 2020 group adjusted EBITA is down 32% y-o-y to € 27m (10.7% margin, -370...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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