SAF-HOLLAND SA : We expect 2020e adj. group EBIT down 70% yoy, TP lowered to €3.20
>2019 results slightly below our expectations - Yesterday, SAFH reported 2019 group sales of €1,284m slightly below our estimate (€1,295m). 2019 group adj. EBIT margin came in at 6.2%, also slightly below our estimate (6.4%) as end markets were a touch more muted than expected in Q4 2019. SAFH will propose a dividend cut for 2019 in the light of the current Covid-19 situation and net debt of €252m.We expect 2020e adj. group EBIT down 70% yoy, slow recover...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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