Initiating Coverage of Clariant With a No-Moat Rating and CHF 17 FVE
We are initiating coverage of Clariant with a no moat rating and a fair value estimate of CHF 17. Our fair value estimate implies an enterprise value/EBITDA of 8 times, based on 2017 estimates. At current levels, shares look slightly overvalued.Clariant is a Swiss chemical company with a wide variety of products including consumer-oriented chemicals for personal care and home care, process catalysts for chemical plants, and oilfield production chemicals. The company has been undergoing a massi...
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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