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4-Traders Homepage  >  Equities  >  Xetra  >  Grammer AG    GMM   DE0005895403

GRAMMER AG (GMM)
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Grammer : to fall well short of order targets after shareholder row

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10/13/2017 | 03:41pm CET

German automotive interiors maker Grammer AG said it expects orders at its automotive business to fall well short of its annual target as a recent power struggle with its top shareholder discouraged car manufacturers from placing orders.

The company, which supplies headrests, consoles and other interior components for cars, also said it lost a "substantial" global follow-up order. Automotive business made up for about three quarters of its total revenue in 2016.

The fresh warning follows one in April, when it said the influence of Bosnia's Hastor family, which holds a 20 percent stake, had led to a decline in automotive orders.

The lost orders would have represented about 80 million euros (71.36 million pounds)in annual turnover from the year 2019/2020 onwards, Grammer said in a statement on Friday.

It said it saw reticence from some "premium manufacturers" on placing new orders, but did not give any names.

Shares in the company fell 15 percent to 47.63 euros as of 1314 GMT.

(Reporting by Sylwia Lasek and Anna Serafin in Gdynia; Editing by Maria Sheahan)

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Financials (€)
Sales 2017 1 783 M
EBIT 2017 61,0 M
Net income 2017 34,1 M
Debt 2017 183 M
Yield 2017 2,34%
P/E ratio 2017 17,00
P/E ratio 2018 11,07
EV / Sales 2017 0,45x
EV / Sales 2018 0,43x
Capitalization 625 M
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 7
Average target price 53,3 €
Spread / Average Target 7,5%
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Managers
NameTitle
Hartmut A. Müller Chief Executive Officer & Director-Labor
Klaus Probst Chairman-Supervisory Board
Manfred Pretscher Chief Operating Officer
Gérard Cordonnier Chief Financial Officer
Wolfram Hatz Independent Member-Supervisory Board
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