Oddo BHF - Schaeffler AG (SHA) Schaeffler AG : Another bolt-on deal to strengthen the technology portfolio in the Industrial segment

Report

Oddo BHF

Klaus Ringel ...

Michael Foundoukidis

Schaeffler AG : Another bolt-on deal to strengthen the technology portfolio in the Industrial segment

>Schaeffler plans to acquire ECO-Adapt SAS - Schaeffler announced that they will acquire 100% of the shares in the Paris-based ECO-Adapt SAS. The company was established in 2012 and its solutions are combining smart hardware and data analytics to provide solutions for the analysis and optimisation of energy consumption and the predictive maintenance of electric rotating machines. The rationale for the acquisition is to expand the technology portfolio of lifetime solut...

06/03/2023 1 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

Klaus Ringel

Michael Foundoukidis

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Oddo BHF

IHO / Schaeffler : Complexity has not reduced, but IHO’s relative value has

1/ Automotive and industrial headwinds (even before Liberation Day), to be addressed by Schaeffler and Conti via self-help measures. The current developments are very dynamic and there is a great degree of uncertainty over the next 12-18 months and if finally a recession will be seen or not. 2/ Remaining rating risk and that the IHO PIK toggle notes become B+ at S&P. 3/ The IHO bonds lost attractiveness in the last months, following a recovery after the March 2025 sell-off. Schaeffler bonds were never really attractive from a relative value perspective. 4/ Successful realisation of synergies a...

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IHO / Schaeffler : Complexity has not reduced, but IHO’s relative value has

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IHO / Schaeffler : We adopt Buy recommendations on the new IHO PIK toggle notes

Our Credit Opinion on IHO and Schaeffler is Negative (vs. Stable) given the expected downgrades (Schaeffler would become a BB-range risk – at least temporary) and the weak automotive market. Other items which we need to follow up on include: - 1/ the Conti reorganisation and the planned automotive group spin-off, - 2/ competition with Asian peers and how market shares will be trending, - 3/ changing political framework and landscape (tariffs policy, outcome of US election, ICE ban), - 4/...

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ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/13/2025

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Schaeffler AG : Another bolt-on deal to strengthen the technology portfolio in the Industrial segment

IHO / Schaeffler : Complexity has not reduced, but IHO’s relative value has

IHO / Schaeffler : Complexity has not reduced, but IHO’s relative value has

IHO / Schaeffler : We adopt Buy recommendations on the new IHO PIK toggle notes

Glanbia : H1 results above expectations. FY guidance for EPS upgraded on better revenue growth for GPN and improved margin for H&N

Glanbia : H1 results above expectations. FY guidance for EPS upgraded on better revenue growth for GPN and improved margin for H&N

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/13/2025

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