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Schaeffler AG : Strong Q3 2019 results, but sequential margin decline ahead in Q4 2019e; target price raised to € 9, Neutral rating maintained
>Q3 2019 EBIT forecasts overshot thanks to auto OE, industrial division softer than expected - Yesterday, Schaeffler reported Q3 2019 group sales of € 3.61bn (+3% y-o-y, +1% y-o-y organic) slightly ahead of our forecast (€ 3.57bn) and consensus (€ 3.55bn). Pre one-off items, Q3 2019 group EBIT of € 327m (9.1% margin, -100bp y-o-y), clearly higher than our upbeat estimate (€ 293m, 8.2% margin) and consensus (€ 282m, 7.9% margin). The better-than-expected EBIT figure is...
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Schaeffler AG
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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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