Industrial Specialties Continue to Drive Arkema’s Results; Moderation Delayed but Inevitable
No-moat Arkema posted second-quarter results that were slightly ahead of our expectations, owing primarily to rising margins in industrial specialties. EBITDA of EUR 430 million was up 8% over 2017, consistent with the first quarter. As a result, Arkema refined 2018 guidance to a “mid-single-digit†increase in EBITDA from an “increase†in EBITDA, which is in line with our forecast for a 5% increase. We don’t expect to make a material change to our EUR 88 fair value estimate. At current levels, t...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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