Rheinmetall AG : Q3 2020 well ahead of expectations, 2020 guidance upgraded for both divisions, estimates raised and target price increased to € 105 vs € 101
>Q3 2020 results clearly ahead of expectations - Rheinmetall last Friday reported a strong set of Q3 2020 figures which clearly beat expectations. Q3 2020 group sales came in at €1,382m (-7% y-o-y), 3% ahead of our forecast (€1,337m) and the consensus (€1,345m), driven by a better-than-expected top line for both defence and automotive. Q3 2020 group op. earnings of € 101m (7.3% margin, +60bp y-o-y) were substantially ahead of both our expectations (€ 70m, 5.3% margin)...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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