Polytec 4Q 19 - Cash preservation in times of blurred visibility
FY 19 revealed a stronger than expected weakening of sales towards year-end. Against the backdrop of the production halt by auto and truck OEMs, visibility is very low. Also as the duration of lockdowns remains to be seen as well as the implications of the crisis on the underlying demand. We appreciate that the company provided a comprehensive overview of the measures taken to tackle the current crisis. The assumption that FY 20 revenues and earnings will be below FY 19 should be a given, in our view.Polytec is a globally operating corporation, based in Austria, focusing on the automotive and plastics industries. Co. is engaged in the development and manufacturing of high-quality plastic parts. In the automotive industry, Co. works as supplier of exterior and engine compartment components in the high-volume market segment as well as a supplier of original equipment and components for small and medium series. Co. is active as a full-service provider in the area of injection molding, as a specialist in fiber-reinforced plastic components, as a manufacturer of original accessory parts made from plastic and as a developer of tailor-made industrial solutions made of polyurethane.
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