TRATON : An attractive and clearly undervalued story
>Very solid results and justified confidence on the outlook - Yesterday morning, TRATON published solid results that beat forecasts (adjusted EBIT +8% vs the consensus, FCF 2.9x above, see First Take). The guidance given for 2024 is also confident, pointing to stable or slightly higher earnings, despite an expected downturn in the market. This confidence is credible, in our view, as it is based on a still robust backlog for the group (H2 2024), as well as the multipl...Traton SE is a Germany-based manufacturer of commercial vehicles. The Company operates through a number of brands, which includes MAN, a commercial vehicle manufacturer, which specializes in the production of vans, as well as city buses and intercity and travel coaches; Scania, which provides transport solutions, heavy duty vehicles for long-distance and distribution transport, as well as construction vehicles; Volkswagen Caminhoes E Onibus, which is a provider of light-to heavy-duty trucks and bus for markets, such as Latin America and Africa, and Rio, which is a global brand for digital services in the transport industry that offers an open, vendor-neutral and cloud-based platform for freight transport.
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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