Rheinmetall AG : 2019e group op. earnings likely a touch above consensus, but 2020e automotive sales likely to decline for another year – Neutral maintained
>We expect 2019e group op. earnings a notch above consensus - Rheinmetall will release preliminary 2019 results on 2 March. The final earnings release is scheduled for 18 March. We expect Rheinmetall to report 2019e results in line with guidance and op. earnings a touch above consensus. For 2019e we estimate group sales of € 6,294m (+2% y-o-y) and y-o-y flat group op. earnings of € 492m (7.8% margin, -20bp y-o-y) as a result of a pronounced market-driven decline in ea...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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