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ZF Friedrichshafen : We affirm credit opinion and recommendation
We confirm our Stable credit opinion and Neutral recommendation stance on ZF. - We are a bit tired of hearing and reading that ZF is over-levered. Yes, it has more leverage than peers, but even in the current state and when we add increased cash interest due to recent and coming refinancings it remains a positive levered free cash flow business. The only caveat is that in FY 24 it will spend an extra EUR 400m (offset by the Foxconn JV proceeds) on capex. Management is committed to ...
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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.
Markus Schmitt
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