Covestro Q3 On Track for Banner Year; Shares Overvalued
Covestro reported a strong third quarter with adjusted EBITDA up 22% year over year, owing to operating leverage on robust volume growth in methylene diphenyl diisocyanate, or MDI, and polycarbonates. The company modestly upgraded its 2016 guidance for the second time this year. Notably, Covestro stated that it now expects 2016 adjusted EBITDA to be around EUR 1.9 billion, which is in line with our estimate. We are maintaining our no-moat rating and our EUR 34 fair value estimate, implying signi...Covestro AG is a global supplier of high-tech polymer materials and application solutions developed for these materials. Co. produces precursors for polyurethane foams and the high-performance plastic polycarbonate in addition to raw materials for coatings, adhesives and sealants as well as specialty products, including high-quality films. Other precursors such as chlorine and by-products like styrene are part of Co.'s range of products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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