CIE Automotive "Q1 earnings call: Key takeaways" (Buy) Perez-Carrascosa

研报英文原文证据摘录

CIE Automotive "Q1 earnings call: Key takeaways" (Buy) Perez-Carrascosa

Global Research

12 May 2026ab

CIE Automotive Equities

SpainQ1 earnings call: Key takeaways

Auto Parts

12-month rating Buy

Solid execution with upside potential intact; reiterate Buy

CIE reported Q1 earnings earlier today, once again demonstrating it offers a compelling 12m price target €36.00

equity story within the auto supplier space, combining top-tier profitability (EBIT margin

>14% vs. peers ~5%), robust cash generation (FCF yield >10%), and balance sheet

Price (11 May 2026) €30.35

flexibility (net debt/EBITDA ~1.3x). Management highlighted diverging regional

dynamics, with China normalising with demand decline and rising competitive pressure, RIC: CIEA.MC BBG: CIE SM

while North America remains flat with increasing affordability constraints; by contrast,

Trading data and key metrics

Brazil and India are showing strong underlying demand, supporting CIE’s geographic

52-wk range €31.80-23.75

diversification. Europe continues to be driven by imports and electrification trends.

Market cap. €3.64b/US$4.28b

Strong revenue outperformance (~9%-pts) and profitability (14.4% OPM) Shares o/s 120m (ORD)

Free float 34%

~50% of outperformance in the quarter is inorganic (Aludec in Europe, Techniplas in

Brazil), while the remainder reflects solid execution and exposure to stronger regions. Avg. daily volume ('000) 75.0

India (~14%-pts outperformance) and Brazil (~16%) remain key growth drivers, with Avg. daily value (m) €2.1

CIE leveraging its local capabilities and positioning. In China, Q1 marked a shift from Common s/h equity (12/26E) €1.70b

underperformance to outperformance, supported by improving market share of P/BV (12/26E) 2.1x

international OEMs, where CIE has more exposure than with the locals.