Industry Supply Disruptions Continue to Bolster Covestro’s Polyurethane Segment; Shares Overvalued
We are increasing no-moat Covestro’s fair value estimate to EUR 44 from EUR 41 after reviewing third-quarter results. We have raised our 2017 and 2018 EBITDA estimates on the back of continued industry supply disruptions in the polyurethanes market, which have resulted in bonanza-type results for the company. Indeed, EBITDA in the third quarter was up 50% over the prior-year period despite only a 2.6% increase in core volumes. We had expected more progress toward normalization in polyurethanes b...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.
We have operations in 27 countries.
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