Rheinmetall AG : Strong defence business cannot avert Q1 2019e op. earnings decline
>We expect Q1 2019e group op. earnings down y-o-y - Rheinmetall will report Q1 2019 results on 9 May. We expect Q1 2019e group sales to come in at €1,329m (+5.5% y-o-y) on the back of upbeat organic sales growth (+4% y-o-y) and some forex tailwind, predominantly from the EUR/USD. We are forecasting a 10% decline in Q1 2019e group op. earnings y-o-y to € 42m (3.2% margin, -50bp y-o-y) mainly on the back of a weak global LV production growth in Q1 2019e (IHS: -6% y-o-y)...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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