Solid 3Q for Clariant on Record Margins in Care Chemicals; Shares Fairly Valued
No-moat Clariant reported third-quarter results that were broadly in line with our expectations, with EBITDA of CHF 246 million up 3% over the prior-year period. A very strong result in care chemicals more than offset a weaker-than-expected quarter in catalysis. A couple of items in the outlook caught our eye. First, Clariant stated that China softened in the quarter, a sensitive topic for investors in the current market. Second, Clariant confirmed its guidance for 2018 but altered its outlook f...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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