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BREMBO S.P.A.

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Delayed Borsa Italiana  -  11:35 2022-06-24 am EDT
9.365 EUR   -0.53%
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Brake maker Brembo says order book full as core earnings climb

05/11/2022 | 12:07pm EDT
Logo of Brembo is pictured at the group's headquarters in Stezzano

(Reuters) - Brake maker Brembo has a full order book and all of its plants are running at full capacity, apart from those in China due to a COVID-19 lockdown, its executive chairman said.

Matteo Tiraboschi said on Wednesday that Brembo had visibility of 3-4 months for its order book, as the Italian brake maker posted a 11.2% rise in first-quarter core earnings.

Tiraboschi said Brembo, which runs four production sites in China along with a commercial base and an R&D centre, suffered a fall of around 40% in output volumes in the country in April.

While volumes are now recovering, a ramp-up period of a few weeks was needed to reestablish supply channels, he added.

"We'll have another volume drop in May, but we are confident we will recover lost production after the lockdown ends".

Despite geopolitical tensions, inflation and Chinese COVID-19 lockdowns, Brembo's earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 150.8 million euros ($159 million) in the first three months of 2022, from 135.6 million euros a year earlier.

Core profit margin for the Italian group, which makes brakes for several Formula One and MotoGP teams as well as premium carmakers such as Ferrari, was down compared to the first quarter last year, but still strong at 17.6%.

Milan-listed shares in Brembo closed up 9.3%.

Brembo did not provide forecasts for this year due to the geopolitical landscape and the complex situation affecting supplies. However, it said it would continue to outperform its reference market in terms of revenues.

Russia's invasion of Ukraine was having limited direct impact, Brembo said, as it had no production plants in the areas affected and limited aftermarket customer exposure there.

The Ukraine crisis is, however, causing an increase in prices of commodities and energy, which Brembo said it was mitigating through hedging strategies and actions aimed at cost recovery from customers, along with a prudential increase in the levels of raw material inventories.

Tiraboschi said Brembo raised its stocks of raw materials, including aluminium, scrap metal, magnesium, tungsten and silicon, by an average of four days in the first quarter, from 53 days in the same period last year.

($1 = 0.9482 euros)

(Reporting by Federica Urso and Giulio Piovaccari; Editing by Alexander Smith)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BREMBO S.P.A. -0.53% 9.365 Delayed Quote.-25.26%
FERRARI N.V. 3.41% 191.94 Delayed Quote.-25.84%
TESLA, INC. 4.52% 737.12 Delayed Quote.-30.25%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.43% 53.3698 Delayed Quote.-27.29%
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Financials
Sales 2022 3 206 M 3 382 M 3 382 M
Net income 2022 251 M 265 M 265 M
Net Debt 2022 344 M 362 M 362 M
P/E ratio 2022 12,3x
Yield 2022 2,97%
Capitalization 3 033 M 3 200 M 3 200 M
EV / Sales 2022 1,05x
EV / Sales 2023 0,96x
Nbr of Employees 12 656
Free-Float 43,5%
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 9,37 €
Average target price 11,34 €
Spread / Average Target 21,0%
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Managers and Directors
Daniele Schillaci Chief Executive Officer
Matteo Tiraboschi Chairman
Giorgio Ascanelli Chief Technical Officer
Gianfelice Mario Rocca Independent Non-Executive Director
Barbara Borra Independent Non-Executive Director