General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: On 19 May 2020, the Management Board resolved to adjust the proposal for the appropriation of net profits of the financial year 2019 in light of the COVID-19 pandemic and to propose to the AGM 2020 the payment of a dividend o...
The independent financial analyst theScreener just allocated a lower risk rating to COVESTRO AG (DE), active in the Speciality Chemicals industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date May 1, 2020, the closing price was EUR 30.74 and its expected value was estimated at EUR 30.96.
Item 6a: We recommend to oppose the re-election of Dr. Christine Bortenlänger to the Supervisory Board due to concerns over aggregate time commitments.
Feasibility Study Results in December to be a Catalyst for this Junior
No-moat Covestro reported second-quarter EBITDA of EUR 459 million, down 53% over the prior-year period. This was largely expected because of the normalization in the polyurethane and polycarbonate markets. However, the stock is trading up modestly, which we think reflects the company’s confirmation of 2019 guidance for EBITDA of EUR 1.5--EUR 2.0 billion. Concerns over the outlook were rising after BASF, a major polyurethanes competitor, revised its 2019 guidance down significantly earlier in the quarter. We don’t expect to make a material change to our forecast or EUR 47 fair value estimate. ...
The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €48.24. The background trend would be questioned should prices rise above €64.20.
La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 48,24 €. La tendance de fond serait remise en cause en cas de franchissement de 64,20 €.
La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 48,24 €, puis 43,68 €. Le franchissement de 64,20 € remettrait en cause la suite de la baisse.
The background trend is clearly bearish. The movement goes on. The next target is at €48.24, then €43.68. Passing €64.20 would question the continuation of the fall.