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Continental AG

Continental is the 5th largest global automotive parts supplier behind Bosch, ZF, Magna and Denso (source: Automotive News, ranked by 2016 OEM automotive parts sales). Conti's business lines include automotive electronics, powertrain, displays, infotainment, brake, chassis and safety systems. The company also maintains a strong positioning in the markets for both OE and aftermarket tires, across the passenger car, light truck and commercial vehicle tire segments. CONGR's Automotive Group (60% of FY17 revenues) consists of the Chassis & Safety (22%), Interior (17%) and Powetrain (21%) divisions. It's Rubber group (40% of FY17 revenues) consists of Tires (26%) as well as ContiTech (14%), which specializes in rubber and plastics technology, with products ranging from conveyor belts to elastomer coatings. (09 Mar 2018)

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Aston Martin 3Q18: Maintaining Momentum

Worth Watching: 15 Nov 2018, 10:00 PM ET - Aston Martin 3Q18: Aston Martin reported its first quarterly earnings results following its IPO. The company provided a slimmed down version of its financials with very little detail, but the headline figures pointed to solid growth and a growt ..

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.

LeasePlan 3Q18: Turkish Tribulations

Worth Watching: 14 Nov 2018, 10:58 AM ET - LeasePlan 3Q18 : LeasePlan reported 3Q18 results highlighted by solid performance, somewhat muddied by another write-down to the Turkish fleet reflecting exposure to the depreciation of the Turkish Lira. The company continues to not see any dow ..

JLR 2Q19: Patience and Forbearance

Earnings Note: 31 Oct 2018, 10:23 PM ET - JLR reported another quarter of weak results, but is taking action through a new turnaround plan.

FCA 3Q18: Inching towards IG?

Earnings Note: 30 Oct 2018, 10:10 PM ET - FCA is struggling with the challenging market environment alongside its auto-OEM peers, but continues to perform well and improve its balance sheet strength as it inches closer to IG ratings.

LKQ 3Q18: Focus on Delevering, New Share Buyback

Earnings Note: 25 Oct 2018, 7:44 PM ET - LKQ reported further margin pressure and lowered its FCF guidance, and announced a share buyback program. But deleveraging the balance sheet still remains a focus at LKQ as well.

JLR: Liquidity and RV Update

HY Note: 23 Oct 2018, 10:34 AM ET - Over the last days and weeks, JLR news flow and spread volatility has picked up, and in this report, we look at issues at hand, seasonal cash flow and refinancing needs, and update our investment recommendation.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Daimler: Another Profit Warning

IG Note: 21 Oct 2018, 10:34 PM ET - Daimler announced a profit warning for the second time this year. This time, diesel vehicles were the main culprit.

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 

Aston Martin/McLaren: A View to an IPO

HY Note: 30 Aug 2018, 8:35 AM ET - Aston Martin posted strong results and is moving closer to an IPO. Results at McLaren are mixed and while an IPO is not on the cards, liquidity is getting a boost from new equity issuance.

Michelin: Considering 7Y/12Y/20Y Eurobond Issuance

IG Note: 28 Aug 2018, 8:26 AM ET - Michelin is considering a 3-tranche issuance of 7Y, 12Y, and 20Y euro bonds. We would take advantage of any new issue concession and be buyers of the new issuance above fair value.
Focused

Continental: Deflated Guidance

IG Note: 23 Aug 2018, 4:06 AM ET - Conti issued its second profit warning of 2018, which raises questions about management’s visibility on activities at the group and has wider implications for valuations of the Powertrain unit.
Focused

Continental 2Q18: Powering Towards Auto Realignment

IG Note: 02 Aug 2018, 9:38 PM ET - Continental reported solid results, dragged down by margin pressure due to higher R&D costs, higher raw material costs, and the negative impact from FX.

Autoliv: 2Q18 | Moving Forward

Worth Watching: 30 Jul 2018, 12:27 PM ET - Autoliv (A2/A-) reported steady growth in its second quarter despite rising raw material prices against the backdrop of rising trade tensions. Consolidated sales grew 11.5% to $2.2 bn, driven by a 4.2% positive impact stemming from currency tra ..

Volvo Car 2Q18: Turning a Corner

Worth Watching: 19 Jul 2018, 3:22 PM ET - Volvo Car 2Q18: Volvo Car reported 2Q18 results which highlight the positive impact on top and bottom line growth due to the ramp up in volumes, while the downward pressure on FCF eases as spending relating to the portfolio overhaul and capacit ..
Focused

Continental: New Structure and Powertrain IPO

Worth Watching: 18 Jul 2018, 12:58 PM ET - Continental confirmed a number of oncoming changes to the business including proposals for a new holding structure and a partial IPO of the Powertrain business. The announcement follows earlier confirmation that Conti was in the process of revie ..

Euro Auto OEMs: US Tariff Trials and Tribulations

Sector Analysis: 11 Jul 2018, 10:02 PM ET - We frame the potential financial implications of EU-US tariffs across Euro OEMs and while no OEM comes out as a winner, FCA sees less pain while JLR comes out as more exposed. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

IG Note: Continental-Prepping for Powertrain IPO?

IG Note: 19 Jun 2018, 12:24 PM ET - Fundamentally, we view a potential Powertrain IPO as neutral to slightly positive from a credit perspective. We maintain our Market perform recommendation on Continental bonds.

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