23 Oct 2020
Q4 looks set to be Chinese OEM flavored
Revenue fell by 16.8% yoy albeit showing a promising recovery vs. H1 20 (-20.6% yoy), driven by the passenger car/light truck tyre segment (contracting by 16.2% yoy vs. H1 20: -22.3% yoy). Accordingly, the guidance was upgraded: a segment operating income in excess of €1.6bn and a FCF in excess of €1.2 billion. This recovery will thus see an increase to our sales and profit estimates (the latter being limited by a slowly-recovering Specialty segment, the usual profit driver).
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Q4 looks set to be Chinese OEM flavored
- Published:
23 Oct 2020 -
Author:
David Chaucayanqui -
Pages:
3
Revenue fell by 16.8% yoy albeit showing a promising recovery vs. H1 20 (-20.6% yoy), driven by the passenger car/light truck tyre segment (contracting by 16.2% yoy vs. H1 20: -22.3% yoy). Accordingly, the guidance was upgraded: a segment operating income in excess of €1.6bn and a FCF in excess of €1.2 billion. This recovery will thus see an increase to our sales and profit estimates (the latter being limited by a slowly-recovering Specialty segment, the usual profit driver).