Fluorogases Recovery Drives Strong 2Q for Arkema; Maintaining FVE
We are maintaining no-moat Arkema’s EUR 78 fair value estimate after reviewing second-quarter results. EBITDA increased 17% in the second quarter over last year on a faster-than-expected recovery in fluorogases and a scope impact from the Den Braven and CMP acquisitions. With good results in the year to date, Arkema has modestly upgraded its 2017 guidance for EBITDA of EUR 1.31 billion-EUR 1.35 billion from 1.3 billion previously. We still think EBITDA above EUR 1.3 billion is achievable. At cur...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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