ElringKlinger: Further burdens are pending

ElringKlinger’s figures in the second quarter are above expectations. Sales fell by 42 percent to 252.2 million euros, the consensus stood at 236.0 million euros. In operational terms, the supplier made a loss of 32.4 million euros, the market had expected -41.4 million euros. There is a loss of 0.56 euros per share. The consensus was -0.71 euros.

For the year as a whole, the EBIT margin is expected to decrease significantly compared to the previous year (3.5 percent). The company is not getting any more precise.

The DZ Bank analysts are sticking to the sell recommendation for ElringKlinger shares. The price target increases from 3.80 euros to 4.60 euros.

ElringKlinger is likely to face further burdens in the coming quarters. The experts assume a loss per share of EUR 0.42 (old: EUR -0.10) for 2020. In 2021 there should be a profit per paper of 0.40 euros (old: 0.47 euros). The PER 2021e stands at 15.3. The peer group comes to 9.8.

ElringKlinger’s shares rose 1.1 percent to EUR 6.23.

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