Rheinmetall AG : Q1 2020e likely to reflect the resilience of defence operations
>We expect attractive defence sales and earnings momentum in Q1 2020e - Rheinmetall is to report Q1 2020 results on 8 May. We expect Q1 2020e group sales to increase slightly y-o-y to € 1,350m (+1% y-o-y) on the back of upbeat sales growth in defence (+11%e y-o-y) offsetting the COVID-19 related sales decline in automotive (-9%e y-o-y). Our Q1 2020e group op. earnings estimate implies a 31% y-o-y decline to € 38m (2.8% margin, -130bp y-o-y) as attractive op. earnings...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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