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GEA Group AG G1A

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Morningstar’s Analysis

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GEA's Full Second-Quarter Results Reinforce Margin Recovery Story

Analyst Note

| Denise Molina, CFA |

GEA Group's second-quarter earnings were prereleased earlier but the full results indicated a continued margin recovery including gross margin expansion. We maintain our EUR 35.00 fair value estimate and wide moat rating. Orders and revenue grew organically by 30.00% and 3.00%, respectively. The strong order growth relative to order execution within the quarter, led to a book/bill well above 1.00 times at 1.12, showing solid demand momentum. Demand also compared favorably with precoronavirus levels; first-half 2021 orders were up by 10.00% over first-half 2019.

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Company Profile

Business Description

GEA is an expert in food processing. It manufactures equipment for separation, fluid handling, dairy processing, and dairy farming, and designs and constructs process lines or entire plants for customers. Based in Germany, the company is a global market leader, with number-one or number-two positions in its markets. Its separators are used in hundreds of different, tailored applications. Every fourth litre of milk, third instant coffee line, third chicken nugget, and second litre of beer globally is processed using the company's specialised equipment.

Peter-Muller-Strasse 12
Dusseldorf, 40468, Germany
T +49 21191360
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 19,213