Gestamp's strong end to year sends shares higher

Gestamp Automocion SA

28/02/2023 10:00

** Shares in Spanish auto parts manufacturer Gestamp
 GEST.MC  rise around 9% after the group posted
better-than-expected full-year results
    ** According to brokerage CM Capital Markets, Gestamp's key
metrics came in ahead of consensus, which is good news for the
stock
    ** J.P.Morgan highlights a strong Q4 result in a still
"challenging" climate for auto suppliers, adding that quarterly
earnings benefited from customer recoveries on cost inflation 
    ** The broker adds, however, that although the result is
definitely positive, a possible mix of lower volumes, high
inflation, high capex and interest costs might pose a risk
    ** Still, on the back of the FY print, JPM revises its
EBITDA estimate for 2023 by +11% 
    ** Gestamp shares, on track for their best day in seven
months, outperform the Spanish blue chip index  .IBEX  that
rises 0.3% 
    
    
    
    
    
    
    
    


($1 = 0.9426 euros)

 (Reporting by Jakub Olesiuk)
 ((jakub.olesiuk@thomsonreuters.com))