SCHAEFFLER - 4Q15 RESULTS

​Schaeffler AG, the listed German auto parts and industrial supplier, has released positive 4Q15 results. The automotive division (74% of revenues) grew +3.8% yoy at constant FX to €2,482m and impressively continued to outperform the market’s estimated growth of c. +0.5% in the fourth quarter. The industrial division is a whole another story. This quarter’s -6.1% yoy drop at constant FX is the biggest of the year. The company’s turnaround plan for industrial activities, which was annou...