SMA Solar Technology AG : The upper end of the guidance is out of reach. Reduce rating maintained and target price lifted to € 36.0 vs € 28.0
>Results slightly better than expected and confirmation of the guidance - SMA Solar Technology reported 9M 2020 results yesterday morning that were slightly ahead of expectations. Sales came to € 774m and EBITDA to € 41m (ODDO BHF estimates € 764m and € 39m), up 23% and 58%, respectively. Net income amounted to € 9m versus ODDO BHF’s estimate of € 8m. As expected growth in Q3 was relatively stable compared with the same period last year (-3% at the level of sales and...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.
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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