In-Line 4Q for Arkema; Shares Overvalued
Arkema delivered a solid fourth quarter with EBITDA up 13.6% over the prior-year period, in line with our estimate. EBITDA for 2016 was a record EUR 1,189 million, up 12.5% over 2015 and topping upgraded guidance in the third quarter for a 9%-10% increase. However, we have always asserted that 2016 guidance was conservative, and we forecast 12% EBITDA growth since initiating on the stock midyear. For 2017, Arkema is sticking to its previously announced target for EBITDA of EUR 1.3 billion, which...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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