Oddo BHF - Schaeffler AG (SHA) Schaeffler AG : FCF generative transformation play with industrial earnings momentum; estimates target price increased to € 8.50 (vs € 8.00)

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Oddo BHF

Harald Eggeling

Schaeffler AG : FCF generative transformation play with industrial earnings momentum; estimates & target price increased to € 8.50 (vs € 8.00)

>Final 2020 results roadshow underpin our case - Last week, we hosted a roadshow with Schaeffler’s CFO and IR following final 2020 results.Final 2020 group sales came in at € 12.6bn (-10% y-o-y organic) and group EBIT before exceptionals amounted to € 803m (6.4% margin, -170bp y-o-y). 2020 FCF before M&A totalled € 539m (2019: € 473m). Note final 2020 results were without surprise given after upbeat preliminaries were released end-January. Post the roadshow, we s...

08/03/2021 4 EN

Underlying

Schaeffler AG

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DE000SHA0159 Germany

Provider

Oddo BHF

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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Analysts

Harald Eggeling

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Schaeffler AG : FCF generative transformation play with industrial earnings momentum; estimates & target price increased to € 8.50 (vs € 8.00)

EQS-News: Schaeffler AG successfully places a bond in the amount of 850 million euros

EQS-News: Schaeffler AG platziert erfolgreich Anleihe in Höhe von 850 Millionen Euro

ODDO : Véhicules électriques : d’un excès à l’autre ?

Fives (Novafives) : Issuance Focus

Marie Brizard Wine & Spirits : 2023 results ahead of expectations. Unsurprisingly the message is subdued on the outlook in a normalising spirits market

Marie Brizard Wine & Spirits : Des résultats 2023 meilleurs qu’attendu. Sans surprise le message est mesuré sur les perspectives dans un marché des spiritueux qui se normalise

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