Arkema Delivers Solid EBITDA Growth in 1Q Despite Currency Headwinds; Shares Overvalued
No-moat Arkema posted first-quarter results that were broadly in line with our expectations. EBITDA of EUR 383 million was up 7.9% over 2017, despite currency headwinds, and full-year guidance for an increase in EBITDA was confirmed. However, the second quarter is poised for a temporary setback as strikes by France’s national railway workers are expected to negatively affect the advanced materials segment. We don’t expect to materially change our EUR 88 fair value estimate. At current levels, th...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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