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    BRE   IT0005252728


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Brembo targets 18.5%-19% core earnings margin after strong Q1

05/10/2021 | 11:14am EDT
Interview with Brembo Executive Vice-Chairman Matteo Tiraboschi at Brembo headquarters

(Reuters) - Italian premium brakes maker Brembo aims for full-year revenue to grow around 15% and margins on core earnings to come in at between 18.5% and 19% this year after posting strong first quarter results, its executive deputy chairman said on Monday.

The company will be able to pass on to clients most of the increases in raw material prices, including steel, iron ore materials and aluminium alloys, Matteo Tiraboschi told Reuters.

"Most of our contracts are indexed to raw materials," he said in a phone interview after presenting the company's results to analysts.

Tiraboschi said forecasts included the effect of raw material price increases and recently made acquisitions.

Brembo, which makes brakes for automakers including Ferrari and Tesla as well as several Formula One teams, last month agreed to buy Spanish motorcycle brake maker J.Juan for around 70 million euros ($85 million) in cash.

"We always stand ready to pick M&A opportunities to support our growth, if they create value for the company," Tiraboschi said, adding, however, that no new deal was being considered at the moment.

Brembo's first-quarter earnings before interests, taxes, depreciation and amortization (EBITDA) rose 33% to 135.6 million euros, helped by a robust recovery across its businesses and markets. Margins on EBITDA grew to 20.1% in the same period from 17.7% a year ago.

Brembo said its "order levels confirm that the year has begun on a positive note", adding the impact of the chip shortage on its clients' supply chain was difficult to estimate at present.

"We've got enough inventories of the chips we use, so problems have been marginal for us so far. But the issue in the industry is getting more and more serious; we need to be cautious," Tiraboschi said.

By 1445 GMT shares were 1.1% higher, versus a 0.7% rise in Milan's All-Share index.

($1 = 0.8219 euros)

(Reporting by Federico Maccioni and Giulio Piovaccari; Editing by Steve Orlofsky)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BREMBO S.P.A. 0.00% 10.42 Delayed Quote.-3.52%
FERRARI N.V. -0.41% 200.09 Delayed Quote.-12.82%
S&P GSCI ALUMINUM INDEX -0.33% 151.386 Delayed Quote.20.56%
TESLA, INC. 1.09% 623.31 Delayed Quote.-11.67%
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Sales 2021 2 576 M 3 055 M 3 055 M
Net income 2021 209 M 247 M 247 M
Net Debt 2021 411 M 488 M 488 M
P/E ratio 2021 16,4x
Yield 2021 2,19%
Capitalization 3 375 M 4 001 M 4 002 M
EV / Sales 2021 1,47x
EV / Sales 2022 1,31x
Nbr of Employees 11 408
Free-Float 27,3%
Duration : Period :
Brembo S.p.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends BREMBO S.P.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 6
Average target price 11,70 €
Last Close Price 10,42 €
Spread / Highest target 29,6%
Spread / Average Target 12,3%
Spread / Lowest Target -4,03%
EPS Revisions
Managers and Directors
Daniele Schillaci Chief Executive Officer
Alberto Bombassei Chairman
Giorgio Ascanelli Chief Technical Officer
Gianfelice Mario Rocca Independent Non-Executive Director
Barbara Borra Independent Non-Executive Director