Varta AG : Road show feedback - Nothing to cheer about in the short-term, Neutral confirmed
>CoinPower – From hero to ‘below’ zero. 2023e adj. EBITDA of -€ 24m - We have been on the road with Markus Hackstein (CEO of Varta) in Zürich and learned that Apple AirPods 3 are not proving a bestseller, which is further exacerbated by destocking at Chinese assemblers (volumes -41% y-o-y to € 45m in FY 2023e). We expect Varta to continue to be the single-source supplier for AirPods 3, while volumes for the AirPods Pro2 are shared with Samsung. The diversification of...Varta is a holding company. Through its subsidiaries, Co. is engaged in the manufacturing and sale of industrial batteries, starter batteries and consumer batteries for types of electrical energy requirements, including passenger cars, commercial vehicles, motor cycles, tractors, construction and agricultural machinery, boats, air crafts, portable radio & television sets, and other applications. Co. also produces Varta-Plastic which includes casings for mobile telephones, boot linings, center consoles, glove compartments, shelves and housings for personal computers, printers, keyboards and typewriters. Other sectors include; chemical products, and machinery and plant business.
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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