Covestro Has More Room To Fall
No-moat Covestro reported third-quarter EBITDA of EUR 859 million, flat over the prior-year period. This officially ends a 14-quarter streak of uninterrupted growth. Shares are reacting mildly today; however, the stock is down 25% in the last month and around 40% from the peak in February. We have been calling out the stock as significantly overvalued for some time as we expected temporary supply disruptions in the polyurethanes market to fade. Consequently, the significant share decline this 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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