DB says steel prices to weigh on Gestamp's Q3 sales
10/10/2023 13:33
** Deutsche Bank expects Spanish auto parts maker Gestamp
GEST.MC to post "modest" topline growth for Q3, weighed down
by steel prices and foreign exchange effects
** It predicts usual seasonality in Q3 results, with EBITDA
trending at about an 11% margin
** The broker expects free cash outflow of about 70 million
euros ($74.13 million) in the period
** "That said, Gestamp is still well on track to hit 2023
targets overall," it says, not expecting updates to the guidance
** DB says outperformance vs auto production should stay at
high single digits, despite volume volatility related to
production disruptions at some Volkswagen VOWG_p.DE plants due
to floods in Slovenia, among others
** Gestamp will report Q3 results on Nov. 7
($1 = 0.9443 euros)
(Reporting by Jakub Olesiuk)
((jakub.olesiuk@tr.com))