SAF-HOLLAND SA : 2019 guidance cut deeper than we feared – lowering our TP to € 7. Neutral
>2019 guidance cut worse than we feared, 2020 guidance suspended - On Monday, 23 Sep after the market close, SAFH cut its 2019 guidance as market conditions in its core market EMEA as well as in China and India continued to worsen more than expected. A pronounced yoy improvement in 2019 ytd adj. EBIT in the Americas could not sufficiently offset the negative developments. In this situation, SAFH also decided to suspend its guidance for 2020 (group sales of € 1.25-1.50...SAF Holland is engaged in inno vation and technology. Co.'s operations can be divided into three segments: Trailer Systems, Powered vehicle Systems and Aftermarket. Through the Trailer Systems segment, Co. produces axle systems, suspension systems, kingpins, and landing legs for the trailer industry. Through the Powered Vehicle Systems, Co. generates its sales primarily with fifth wheels and air suspension systems for manufacturers in the truck industry. The Aftermarket segment covers the replacement parts business in which Co. relies on a worldwide service network, partly in cooperative agreements with truck manufacturers.
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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