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4-Traders Homepage  >  Equities  >  Xetra  >  Continental AG    CON   DE0005439004

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Continental AG : Two German Auto Suppliers Mainly Rely on Production Abroad to Hedge Forex Risk

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02/01/2013 | 06:58pm CET
  By Nico Schmidt 
 

Two German automobile industry suppliers said Friday they rely primarily on production in customers' markets to create a natural hedge against currency volatility.

As a supplier, production in customers' regions protects Continental AG (CON.XE) from currency fluctuations, "therefore the currency risks are relatively low," Continental spokeswoman Antje Lewe told Dow Jones Newswires.

German automotive technologies group Robert Bosch GmbH also says natural hedges play a key role.

"Our basic strategy for the hedging against currency risks is at first to reach a maximal natural hedge," Bosch spokesman Ingo Rapold told Dow Jones.

"We usually look at three-year periods and try to hedge up to 40% for the next 12 months--for the second and third year, the ratios are lower," Mr. Rapold said.

The euro's appreciation is primarily due to brighter economic prospects in the euro zone, and it is at about the middle of the range it has traded in since the financial crisis started, Mr. Rapold said.

"The current appreciation of the euro isn't unexpected, but the speed and magnitude of it are," Mr. Rapold said.

Mr. Rapold added the company expects the euro's recent strength to abate since the debt crisis hasn't been wholly resolved. At 1713 GMT, the euro was trading at $1.368 in Frankfurt.

Write to Nico Schmidt at nico.schmidt@dowjones.com

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Financials (€)
Sales 2016 40 494 M
EBIT 2016 4 206 M
Net income 2016 2 792 M
Debt 2016 3 445 M
Yield 2016 2,15%
P/E ratio 2016 13,37
P/E ratio 2017 11,70
EV / Sales 2016 1,00x
EV / Sales 2017 0,92x
Capitalization 37 241 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 200 €
Spread / Average Target 7,3%
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Managers
NameTitle
Elmar Degenhart Chairman-Executive Board
Wolfgang W. Reitzle Chairman-Supervisory Board
Wolfgang Schäfer Head-Finance & Controlling
Karsten Michels Head-Systems & Technology
Michael Iglhaut Member-Supervisory Board
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