NORMA Group SE : We expect an increasingly challenging 6 months ahead; Reduce maintained
>Preliminary Q3 2020 results slightly below our estimates - On 20 October, Norma released preliminary Q3 2020 results on group level which were slightly below our expectations. Preliminary Q3 2020 group sales came in at €246m (-8% y-o-y organic) vs our estimate of € 260m. Preliminary Q3 2020 adjusted group EBITA is at € 29m (11.7% margin, -240bp y-o-y), a touch below our estimate of € 30m (11.4% margin) as we were expecting a less steep sales decline. While segment de...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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