Clariant Company Report
No-moat Clariant reported fourth-quarter EBITDA of CHF 253 million, down 2% from 2017 and below consensus but ahead of our estimate by nearly 10%. The underlying numbers paint a weaker picture. EBITDA was buoyed by a surprise positive performance in catalysis, which saw higher-than-expected petrochemical sales and some orders pulled forward that were scheduled for the first quarter of 2019. This business is notoriously lumpy, and indications from the company last quarter would lead one to believ...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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