Gestamp (AO) | Hold | Q1 earnings in line, FY guidance reiterated

研报英文原文证据摘录

Gestamp (AO) | Hold | Q1 earnings in line, FY guidance reiterated

Gestamp Hold | Target Price: EUR3.20

Company description Management

Gestamp is a Spanish family-owned company, supplying metal components and Francisco J. Riberas, Executive Chairman

assemblies (body-in-white, chassis and mechanisms) to over 15 OEMs. Founded Ignacio Mosquera, CFO

in 1997, the group has more than 100 plants, 13 R&D centres and employs over Key shareholders

41,000 people worldwide. Free float 26.00%

Acek 23.66%

Gestamp 2020 50.10%

Investment case Valuation methodology

We expect 2026 to be another challenging year for Gestamp, We use a multi-criteria valuation analysis for most names in

with volumes in key markets (Europe, NAFTA, China) set to Autos, usually looking at P/E and EV metrics versus peers and

decline, rising input costs and FX headwinds all implying limited history, taking into account short-term growth and return

profitability improvement. dynamics.

As a result, management will continue to prioritise cost actions We cross-check with a standard ten-year DCF valuation (10.6%

and capex discipline to support FCF generation and balance WACC, 2% terminal growth).

sheet deleveraging. At our TP, the shares would trade at 7.7x earnings and EV/EBIT

Gestamp is one of the few suppliers for which electrification is 2026E.

neutral to positive, given its leadership in light-weighting Risks to our rating

technologies. Lower-than-expected FCF generation.

Catalysts Global macro scenario largely driving global light vehicle

Monthly macro (ISM, confidence, etc.) and sector data production scenario.

(registrations, etc.). Evolution of raw material prices and forex.

Next set of earnings.

Key data charts

Price performance Sales split by region Sales split by division

SWOT analysis