Report
Schaeffler AG : Focus on cash flow management while earnings are under pressure
>2019 results in line with our expectation, FCF better on the back of lower- than-expected capex and inventory - Schaeffler released 2019 results on 10 March. 2019 group sales came in at € 14.4bn (+0.1% y-o-y organic) in line with our estimate (€ 14.4bn). 2019 group EBIT before special items (bsi) stands at € 1,161m (8.1% margin, -160bp y-o-y), also in line with our estimate (€ 1,145m, 8.0% margin). Group FCF before M&A for 2019 of € 473m came in above guidance (€ 35...
Underlying
Schaeffler AG
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.
Harald Eggeling
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