Standard Profil - comment

Standard Profil reported their Q4 and FY22 numbers over the weekend and will hold their conference call on Thursday at 1 pm UK time. The main headline from the release is an equity injection of €10m from the shareholders, “in the context of negotiations with our customers in April 2023”.

Concerning the reported numbers, revenue matches our model expectations. However, EBITDA is marginally below our expectations as negotiations with OEMs have not been finalised cost increases in H222, and remain open. Any favourable finalisation of these negotiations may result in the cost compensation being backdated, and therefore changing the reported EBITDA numbers. We will update our model, but the issue remains the same - how much support will the OEMs give to their supplier?