Covestro Shares Fall 14% on Profit Warning; Shares Fairly Valued
No-moat Covestro shares are trading down 14% at time of writing due to the company announcing a profit warning. We have called out Covestro shares as overvalued for some time given we saw the share price implicitly assuming abnormal conditions in the MDI and TDI markets would last for several years while we expected the markets to normalize in the near term. Today’s profit warning confirms our view that the MDI and TDI markets are moving quickly to a balanced state. While the stock is now down 5...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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