SAF-HOLLAND SA : Prelim. 2018 results: soft EMEA margin, organic sales decline in APAC/China and high capex needs – we downgrade to Neutral
>Prelim. 2018 group results below expectations - Yesterday evening (20 Feb), SAF-Holland released prelim. FY 2018 results. Prelim. group sales came in at €1,301m (+14% yoy, organic +12% yoy) in-line with our expectation (€1,302m) and slightly ahead of consensus (€1,297m). Prelim. 2018 group adj. EBIT, though, stood at €90m (6.9% margin, -110bp yoy) and was thus well below our estimate (€94m, 7.2% margin) and consensus (€92m, 7.1% margin). The final results are due 22 ...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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