Acrylics on the Mend for Arkema in the First Quarter; Raising Fair Value Estimate
We are increasing no-moat Arkema’s fair value estimate to EUR 78 from EUR 73 after reviewing first-quarter results. Our fair value estimate rises due to a strong recovery now evident in the acrylics business whereas previously we were expecting the recovery to develop in the medium term. We estimate acrylic sales increased around 40% in the first quarter over 2016. Some of this increase is likely due to restocking as customers try to get ahead of an inflationary raw material environment. Neverth...Arkema is engaged in the global chemical industry which is a processing industry based on the transformation in one or several stages of raw materials (oil derivatives, gas, minerals, natural products) into more or less complex chemical products, or into plastics obtained by polymerization. In addition, Co. manufactures a wide range of products for other major industries: construction, packaging, chemicals, automotive, electronics, food manufacturing, pharmaceuticals, etc. Co. operates in this industrial context with a business portfolio focused on three segments: High Performance Materials, Industrial Specialties, and Coating Solutions.
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