Lear Corporation


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SKU: LEA Category:


This is our first report on Lear Corporation, a leading player within the car seating and e-systems domain. The company has been delivering a positive set of results while operating in a challenging market characterized by severe production declines late, cost inflation, and ongoing semiconductor disruptions. With market growth in car seating and e-systems, Lear’s revenues once again exceeded the sector in the first quarter. Over $1.2 billion in business awards have been made this year for the company, supporting sustained expansion in all key industry segments. The company has had major wins in seating and e-systems for their battery module connector connection systems. The management has continued its trajectory of acquisition-led growth and has gone on to acquire two companies – Thagora Technology SRL and I.G. Bauerhin. They also continue to undertake restructuring initiatives to create company synergies and labour flexibility, enabling them to increase operating margins in a sector where supply shortages and inconsistent customer production schedules are constant challenges. We are optimistic about their stock and initiate coverage with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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