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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE (AIR)
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GKN CEO to retire, aerospace head to lead UK engineering firm

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09/14/2017 | 12:51pm CEST

GKN (>> GKN) said on Thursday Chief Executive Nigel Stein would retire at the end 2017 to be replaced by the head of aerospace, a unit the British engineering group has said was growing faster than the rest of the market.

GKN (>> GKN) said on Thursday Chief Executive Nigel Stein would retire at the end 2017 to be replaced by the head of aerospace, a unit the British engineering group has said was growing faster than the rest of the market.

Kevin Cummings, who joined the company in North America in 2008 and who has been head of the aerospace division since 2014, would take over from Stein on Jan. 1, the company said, adding that Finance Director Adam Walker would also leave the firm.

"GKN Aerospace is now of a scale and maturity where it could stand alone. We believe the deckchairs are moving – and it is ultimately likely to be more than a shuffling," Jefferies analysts said in a research note after the move.

The analysts at Jefferies, which has a "buy" rating on GKN, said Thursday's announcement by Sweden's Autoliv (>> Autoliv) (>> Autoliv Inc.), which competes with GKN in the automotive business, could encourage GKN to review its strategy.

"That Autoliv believes the separation can create additional value must concentrate minds at GKN," the analysts wrote.

GKN, which supplies components for Airbus (>> Airbus SE) and Boeing (>> Boeing Company (The)) aircraft and to car makers including Volkswagen (>> Volkswagen), said the new finance director would be Jos Sclater, who now heads strategy and mergers and acquisitions (M&A).

Shares in GKN were up 3.4 percent at 338.3 pence at 0952 GMT, making it London's second largest blue-chip gainer.

GKN reported a 12 percent rise in profit in February, and said it would grow ahead of both its main aerospace and autos markets in 2017, boosted by investment in new technology.

In July, it reported a jump in first-half profit and said aerospace organic sales would increase above rates in the rest of the market in 2017.

GKN did not immediately respond to a request for comments about the management changes.

Shares in GKN have risen 2 percent this year, with share prices across the defence sector boosted this year by U.S. President Donald Trump's promise to seek an "historic increase" in the U.S. defence budget.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Edmund Blair)

By Noor Zainab Hussain

Stocks treated in this article : Airbus SE, Boeing Company (The), Autoliv Inc., Volkswagen, GKN, Autoliv
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Financials (€)
Sales 2017 67 321 M
EBIT 2017 4 107 M
Net income 2017 2 714 M
Finance 2017 6 449 M
Yield 2017 1,88%
P/E ratio 2017 22,83
P/E ratio 2018 17,77
EV / Sales 2017 0,79x
EV / Sales 2018 0,70x
Capitalization 59 897 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 83,0 €
Spread / Average Target 7,3%
EPS Revisions
Managers
NameTitle
Thomas Enders Chief Executive Officer & Executive Director
Denis Ranque Non-Executive Chairman
Fabrice Brégier COO & President-Airbus Commercial Aircraft
Harald Wilhelm Chief Financial Officer
Paul Eremenko Chief Technology Officer
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