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MarketScreener Homepage  >  Equities  >  Xetra  >  Continental AG    CON   DE0005439004

CONTINENTAL AG

(CON)
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Continental : German car parts supplier Brose to cut 2,000 jobs as auto sector struggles

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10/17/2019 | 05:55am EST

BERLIN (Reuters) - German autos supplier Brose Group said on Thursday it was cutting 2,000 jobs in Germany over the next three years due to a slump in earnings, blaming a declining Chinese market, changes in the car industry and global price pressure.

The family-owned company, which employs 26,000 workers globally, said the job cuts would reduce hierarchy and simplify the business, adding it was relocating work to low-wage countries to improve competitiveness.

"We want to improve quality ... and reduce costs in the mid three-digit million range to increase our competitiveness," Chief Executive Kurt Sauernheimer said in a statement.

In May, Brose launched a savings programme aimed at cutting tens of millions of euros this year after reporting 5% drop in first-quarter revenue and disappointing 2018 results.

Last month, German automotive supplier Continental said it would cut jobs and close plants over the next 10 years as it faces a slowing global auto sector.

(This story has been refiled to fix spelling of Sauernheimer in paragraph three).

(Reporting by Riham Alkousaa; Editing by Mark Potter)

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Financials (EUR)
Sales 2019 44 483 M
EBIT 2019 3 178 M
Net income 2019 -1,06 M
Debt 2019 6 091 M
Yield 2019 3,07%
P/E ratio 2019 -46,3x
P/E ratio 2020 10,8x
EV / Sales2019 0,70x
EV / Sales2020 0,63x
Capitalization 24 841 M
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Mean consensus HOLD
Number of Analysts 26
Average target price 128,89  €
Last Close Price 124,20  €
Spread / Highest target 44,9%
Spread / Average Target 3,78%
Spread / Lowest Target -33,0%
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Managers
NameTitle
Elmar Degenhart Chairman-Executive Board
Wolfgang W. Reitzle Chairman-Supervisory Board
Wolfgang Schäfer Head-Finance, Controlling, Compliance, Law & IT
Michael Iglhaut Member-Supervisory Board
Dirk Nordmann Member-Supervisory Board
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