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    CON   DE0005439004

CONTINENTAL AG

(CON)
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Continental spin-off Vitesco falls flat in market debut

09/16/2021 | 03:34am EDT

* Vitesco shares open at 59.8 eur/shr, close at 58.9 eur

* Price gives Vitesco market value of 2.36 billion eur

* Continental shareholders suffer loss in portfolio

BERLIN, Sept 16 (Reuters) - Shares in Vitesco Technologies closed lower on Thursday after a volatile market debut, with the German car parts maker poised to fend for itself in the electric vehicle transition after spinning off from Continental.

For Continental's shareholders, who received one Vitesco share for every five Continental shares they owned, the combined value of their six shares at Thursday's close was 5.6% below the value of their five Continental shares on Wednesday.

The spin-off wiped 3.73 billion euros ($4.38 billion) off Continental's market value, which settled at just under 19 billion euros at market close.

Vitesco, which produces powertrains for international combustion engine (ICE) cars and increasingly hybrid and electric vehicles (EVs), ended the day with a value of 2.36 billion euros.

Continental, among the world's largest auto suppliers producing everything from tires to assisted driver systems, delayed the spin-off of Vitesco by two years due to unfavorable market conditions worsened by the coronavirus pandemic.

"We were confronted by developments that no one had foreseen," Vitesco CEO Andreas Wolf said at the Frankfurt stock exchange, adding "the corona crisis fully confirmed our strategy ... e-mobility is booming."

Vitesco shares started trading at 59.80 euros per share and swung between 56.89-66.88 euros in the course of the day. They closed at 58.9 euros.

The listing comes as automotive suppliers are struggling to reorient their production lines to stay relevant amid the EV transition, with EVs requiring not only fewer parts but new technologies such as batteries and software - not traditionally the expertise of Germany's auto industry.

Vitesco currently earns the vast majority of its revenue from parts for ICE cars, but Wolf told Reuters this month he hopes to break even on sales for EV components by 2024 and reap three quarters of revenues from EV parts by 2030.

In 2020, Vitesco's sales fell 12% to 8 billion euros as the pandemic combined with a global chip shortage and rising raw material costs stymied sales across the auto industry.

Still, sales in the first half of 2021 were up 29% on the previous year at 4.4 billion euros, with a profit margin of 1.9%.

($1 = 0.8510 euros) (Reporting by Victoria Waldersee, Arno Schuetze; Additional reporting by Alexander Huebner and Riham Alkousaa Editing by David Evans and Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CONTINENTAL AG -1.94% 96.64 Delayed Quote.-8.55%
SCHAEFFLER AG -0.51% 6.88 Delayed Quote.1.17%
VITESCO TECHNOLOGIES GROUP AG 0.39% 50.9 Delayed Quote.0.00%
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Analyst Recommendations on CONTINENTAL AG
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Financials
Sales 2021 34 108 M 39 742 M 39 742 M
Net income 2021 1 043 M 1 215 M 1 215 M
Net Debt 2021 3 265 M 3 804 M 3 804 M
P/E ratio 2021 18,9x
Yield 2021 2,07%
Capitalization 19 723 M 22 941 M 22 980 M
EV / Sales 2021 0,67x
EV / Sales 2022 0,62x
Nbr of Employees 233 365
Free-Float 54,0%
Chart CONTINENTAL AG
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Continental AG Technical Analysis Chart | CON | DE0005439004 | MarketScreener
Technical analysis trends CONTINENTAL AG
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 98,61 €
Average target price 112,10 €
Spread / Average Target 13,7%
EPS Revisions
Managers and Directors
Nikolai Setzer Chairman-Executive Board
Wolfgang Schńfer Head-Finance, Controlling, Compliance & Law
Wolfgang W. Reitzle Chairman-Supervisory Board
Gunter Dunkel Independent Member-Supervisory Board
Siegfried Wolf Independent Member-Supervisory Board
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