Rheinmetall AG : Q1 2020 results beat consensus, but Q2 2020 trading statement disappoints. Downgrade to Neutral, target price maintained
>Q1 2020 operating earnings above consensus on strong defence growth - Rheinmetall’s Q1 2020 results, reported last Friday, reflect resilient defence operations, as expected. Q1 2020 group sales came in at € 1,358m (+1% y-o-y) in line with our estimate (€ 1,350m) and slightly ahead of the consensus (€1,327m). Q1 2020 group operating earnings were € 34m (2.5% margin, -150bp y-o-y) slightly short of our estimate (€ 38m, 2.8% margin) and ahead of the consensus (€ 30m, 2...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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