SGL Carbon - comment

On topline revenue, SGL Carbon experienced growth across all its business segments, notably in the automotive and semiconductor segments and despite the conflict in Ukraine, SGL Carbon remains confident concerning its FY22 outlook. Inflationary pressures are evident in Q1 results, with Gross Profit margin declining, mainly due to the increase in energy costs in COGS. Price increases could not be fully passed on to its customers, lowering the GP margin. SGL Carbon is 85% hedged for energy for the remainder of the year.

Overall the numbers are in line with our expectations. Given the lack of investment opportunities, the name remains on the shelf.