Strong global demand for powered two wheelers (motorcycles and e-bikes) has remained strong throughout H220. Production has been increased to meet demand and the volume lost in H120 due to pandemic-induced closures has been recovered. As a result, FY20 sales guidance has been raised again to €1.5bn with operational gearing driving FY20 EBIT of c €100m, 31% above our previous estimate. The 6.6% margin is above the guidance range of 4-6%. Management expects the supportive trends to continue in FY21 and all the improvement is accompanied by better-than-expected cash flows.Den vollständigen Artikel lesen ...
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