Rheinmetall AG : Q2 2019e preview: we still think that group will fail to achieve 2019 guidance at its auto division
>We forecast a y-o-y decline in Q2 19e group operating earnings to € 98m - Rheinmetall is to report Q2 2019 results on 1 August. In the context of a challenging and sequentially steeper global LV production decline for Q2 2019e (IHS: -7.5%), we estimate Q2 2019e group sales of € 1.47bn, implying a 2% y-o-y organic decline. Our group op. earnings estimate stands at € 98m (6.7% margin, -8% y-o-y) for Q2 2019e since operating earnings at the defence activity should main...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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