SMA Solar Technology AG : We reiterate our caution on the stock. Target price cut to € 17.0 vs € 19.0
>2018 results in line with the preliminary results - SMA reported its definitive 2018 results. The results are in line with the preliminary figures already published: sales of € 761m, EBITDA of -€ 69m and EBIT of -€ 152m. Net profit clocked in at -€ 175.5m (-€ 30.1m in 2017) in line with our estimates (- € 174m). 2018 earnings were heavily impacted by one-offs: restructuring charges of € 34m, other provisions linked to unpaid receivables and others of € 52m, a € 30m p...SMA Solar Technology is a holding company. Through its subsidiaries, Co. operates in five divisions: Medium Power Solutions, which distributes inverters, system solutions as well as products used for monitoring PV systems and energy management; Power Plant Solutions, which supplies central inverters and system solutions to PV plants; Service, which provides customers in Germany and abroad with support and after-sales services; Zeversolar, which serves the Chinese photovoltaic market and the budget market (low-price segment) in foreign markets; and Railway Technology, which manufactures converters as individual devices and energy supply systems for railway coaches.
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