Raising Covestro FVE on Improved Near-Term Outlook, but Shares Look Overvalued
Covestro reported strong second-quarter results, with EBITDA increasing 8.8% versus the prior-year period. Operating leverage from increasing core volumes in polyurethanes and polycarbonates offset falling sales prices, which followed declining raw material costs. With robust first-half performance, Covestro has increased 2016 guidance such that the company now expects mid- to high-single-digit core volume growth (previously: mid-single-digit), free operating cash flow around last year’s level (...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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