First Signs of PMMA Normalization For Arkema in 4Q; Shares Fairly Valued
No-moat Arkema reported third-quarter results that were in line with consensus and our expectations. EBITDA of EUR 374 million was up 5% over 2017. Guidance for a mid-single-digit increase in EBITDA for 2018 was confirmed, in line with our forecast. Like other chemical companies that have already reported this quarter, Arkema noted a changing macroeconomic environment and continued raw material inflation. We think the most important item in the quarter was Arkema's report of a slight normalizati...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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