Arkema Reports Decent 1Q Results; Shares Fairly Valued
No-moat Arkema reported first-quarter EBITDA of EUR 370 million, down 3% over 2018 but broadly in line with consensus. The 3% drop in EBITDA is tracking below full-year guidance for EBITDA to remain flat, but the company expects an improved second half. We are somewhat more conservative, forecasting a 6% decline in 2019 EBITDA given our pessimistic outlook for fluorogases. We don’t expect to make a material change to our forecast or EUR 88 fair value estimate. At current levels, the shares look ...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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