Initiating Coverage of Arkema With a EUR 73 Fair Value Estimate and No-Moat Rating
We are initiating coverage of Arkema with a no-moat rating and a fair value estimate of EUR 73 per share. Our fair value estimate implies a P/E ratio of 12 times and an enterprise value/EBITDA ratio of 6 times, based on 2016 estimates. Overall, we expect low-single-digit revenue growth and an average EBITDA margin of 16% over our explicit forecast horizon. At current levels, shares look slightly overvalued.France-based Arkema was spun out of Total in 2006 as a low-margin commodity chemical com...
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.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.