Solid 3Q for Arkema on Strong Asian Demand for Polymers and Tight PMMA Market; Shares Overvalued
We are increasing no-moat Arkema’s fair value estimate to EUR 84 from EUR 78 to account for the impact of the XL Brands bolt-on acquisition and the time value of money. At current levels, shares look overvalued. Third-quarter performance was modestly above our expectations. EBITDA increased 17% over 2016 with a 110-basis-point increase in margin. We expect EUR 1.4 billion in EBITDA for 2017, slightly above Arkema’s guidance for EUR 1.31 billion-EUR 1.35 billion.Industrial specialties reported ...
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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