Catalyst Upswing Continues in 3Q for Clariant; Shares Overvalued
We are maintaining no-moat Clariant’s CHF 18 fair value estimate after reviewing third-quarter results. EBITDA of CHF 235 million was 12% ahead of last year on strong performance in catalysis and care chemicals. Clariant maintained its outlook, and we don’t expect to make any material changes to our forecast. At current levels, the shares look overvalued.The rebound in catalysis continued in the third quarter. EBITDA increased 50% over 2016 on a demand upswing in Asia and the Middle East for p...
Clariant is a specialty chemicals group based in Switzerland. Co. develops, manufactures, distributes and sells a broad range of specialty chemicals which play a key role in its customers' manufacturing and treatment processes or add value to their end products. Co. has manufacturing plants around the world and sells mainly in countries within Europe, the Americas and Asia. Co.'s businesses are organized into four business areas: Care Chemicals (BU Industrial & Consumer Specialties), Catalysis & Energy (BU Catalysts, Business Line Energy Storage), Natural Resources (BU Oil & Mining Services, BU Functional Minerals), and Plastics & Coatings (BU Additives, BU Masterbatches, BU Pigments).
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