CIE AUTOMOTIVE: CMD'21 – LONG-TERM APPROACH; CHANGE OF RECOMMENDATION TO BUY (ANÁLISIS BANCO SABADELL)
CIE focused its CMD’21 on a long-term approach (2025), setting a sales growth target’25 ~+20pp above the sector between 2020 and 2025 (+48% vs. +42% BS(e)) and an EBITDA margin target >19% (vs. 18.1% BS(e)). Including inorganic growth, the target would exceed € 1 Bn of EBITDA (vs. around € 800 M implied in the organic guidance; € 431 M in 2020). Thus, despite the short-term uncertainties stemming from the possible impact on the economy from the Indian strain of Covid and the situational shortage of microchips, we raise our estimates for CIE (CAGR’20-25e in EBITDA up to +11.4% from +10.0%) and our T.P. by +14% up to € 29.31/sh., yielding +17%, and thus we also change our recommendation to BUY (SELL since February’21; -4% vs. IBEX since then).CIE Automotive is the parent company of an industrial group formed by several companies that are engaged in the design, manufacture and sale of automobile component and sub-units on the world market. In addition, Co. is also engaged in the bio-fuels business which is in the initial stages of development and is made up of various companies devoted to the production and distribution of bio-fuels.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.