Tight polyurethane market continues to drive Covestro's strong performance; shares overvalued.
No-moat Covestro reported another quarter of eye-watering EBITDA growth as supply disruptions in the polyurethanes market continue, causing prices to skyrocket. Fourth-quarter EBITDA of EUR 879 million more than doubled the prior-year period and was well above our expectations. Tight market conditions, particularly in TDI look poised to continue for the first half of 2018 due to ongoing supply disruptions. Consequently, Covestro expects first-quarter EBITDA to be significantly above the prior-ye...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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