Broad-Based Strength in Arkema's 3Q; Guidance Upgraded
After reviewing Arkema’s third-quarter results, we are maintaining our no-moat rating and EUR 73 fair value estimate, indicating shares are currently overvalued. The company reported broad-based strength across the business with volumes and EBITDA margins rising in all segments. Given strong year-to-date results, Arkema upgraded its 2016 guidance to EBITDA growth of 9-10% from 7-9% previously. This does not change our view as we have been forecasting 12% EBITDA growth this year. Consequently, ou...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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