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Continental AG CON

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Continental Removes CFO Due to Volkswagen Diesel Scandal Probe; Lowering Fair Value EUR 3 to EUR 140

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Narrow moat rated Continental reported that the Supervisory Board had voted to “mutually terminate Wolfgang Schaefer’s appointment as member of the Executive Board and chief financial officer, effective immediately.” While the press release did not specifically state wrongdoing by the CFO, Continental’s press release said that, “The personnel change is linked to the already known investigations by the public prosecutor’s office in Hanover, Germany, into the use of illegal defeat devices in diesel engines and shortcomings in the ongoing investigations by Continental.”

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Company Profile

Business Description

Continental is a global auto supplier and tiremaker. Operating segments include the autonomous mobility and safety segment and the vehicle networking and information segment in the automotive group, plus tires and ContiTech, which uses rubber in industrial and automotive components and systems, in the rubber group. Last year, pro forma for the spin-off of the powertrain segment, automotive group revenue was around 50% of the total with AM&S and VN&I each accounting for about 25%. Rubber group revenue, also at around 50% of the total, includes tires at about 32% and CT at around 18%. The company's top five customers are Daimler, Stellantis, Ford, the Renault-Nissan-Mitsubishi alliance, and Volkswagen, representing about 37% of total revenue (as reported, before the Vitesco spin-off).

Vahrenwalder Strasse 9
Hanover, 30165, Germany
T +49 51193801
Sector Consumer Cyclical
Industry Auto Parts
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 192,495