SAF-HOLLAND SE : Cost inflation to dilute FY2022 margins – no escape in the near term

>FY 2022 will be difficult year, especially in terms of margins - Major discussion topic during SAFQ’s FY 2021 call was their FY 2022 guidance, which is below our and market expectations. It indicates that the company will heavily suffer from the uncertainties around the Ukraine/Russia conflict and the heavy input cost inflation this year. SAFQ’s topline guidance for FY 2022 group sales of € 1.15-1.30bn implies a 8% y-o-y decline to a 4% y-o-y increase. Baked into thi...