Financial PerformanceMajor estimates cut include a -18% on EBITDA, -32% on EBIT, and -43% on EPS, indicating a downgrade in financial performance expectations.
Rating DowngradeThe rating is downgraded to Hold due to the combination of lower EBITDA, higher financial charges, and low visibility on growth.
Weak Performance From CustomersThe company is expected to fall slightly short of the bottom end of its FY24 guidance range due to weaker performance by its main customers, Tesla and VW.