Rheinmetall AG : Negative earnings momentum ahead in automotive, upbeat growth profile in defence largely priced-in
>Strong op. FCF ahead in 2019e, but partly due to WC reversal effect - Rheinmetall’s guidance for 2019 disappointed slightly on the op. earnings level. Its 2019 guidance implies group organic sales growth of 4-6% yoy (0-1% yoy in automotive, 9-11% yoy in defence) and a group operating margin of c.8% (automotive: c.8%, defence 8.0-8.5%). At the midpoints, this guidance translates into 2019 group op. earnings of € 516m, which at the time of the release was below our exp...Rheinmetall is a holding company. Through its subsidiaries, Co. operates in two sectors: defence and automotive. Co.'s defence sector is comprised of three divisions: combat systems, engaging in armored tracked vehicles and NBC protection systems; electronic solutions, engaging in air defence systems and soldier systems; and wheeled vehicles, engaging in wheeled logistics vehicles and wheeled tactical vehicles. Co.'s automotive sector is comprised of three division: mechatronics, engaging in cutting emissions and air management systems; hardparts, engaging in pistons and plain bearings and bushes; and motorservice, which includes aftermarket activities for replacement parts business.
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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