Analyst Research Report Snapshot

Title:

GKN - GLOBAL AND TECHNO-DRIVEN

Price:

$10.00

Provider:

Edison Investment Research

Date:

30 Apr 2012

Pages:

33

Type:

AcrobatPDF

Companies referenced:

GKN.L 4021.T 6472.T 6902.T 7201.T ADVN.S ADWG.H AGCO.N ALV.N AUTr.AT BOSH.NS BWA.N CAT.N CNH.N COB.L CONG.DE DE.N DNSO.NS FI.MI FIA.MI HLDX.ST LBEL.PA MNTP.PA NTN.A PEUP.PA RENA.PA RR.L SINT.ST VLOF.PA VOWG_p.DE ZF.N

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Summary:

GKN is a stalwart of the auto and aero sectors. It performed well in 2011, despite disruptions, and should continue to do so, as confirmed by Q112. Well positioned with global customers and in growing markets, the combination of technology driven growth and cost leadership should support improving profitability and mitigate EU economic woes. The outlook is positive for all divisions. The new CEO’s aim is to optimise growth and ROIC should enhance shareholder returns. While difficult to argue for higher valuations, we believe there is upside from low levels. Based on our 2013 estimates, a P/E ratio of 10x and EV/sales of 0.8x implies a fair a value of 300p.

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