SAF-HOLLAND SA : 2019 guidance might be missed – estimates lowered, TP cut to € 9.50 (€ 10.50)
>Q2 2019 results short of expectations for both sales and adj. EBIT - On 08 August SAF-Holland reported Q2 2019 results. Group sales stood at € 349m (+1% yoy, -4% yoy organic), slightly below our estimate (€ 353m) and consensus (€ 356m) as we had expected a less steep organic sales decline in core market EMEA (c.50% of group sales). Adj. group EBIT came in at € 25m (7.2% margin, +30bp yoy), 2% below our more cautious estimate (€ 26m, 7.3% margin) and 5% below consensu...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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