Covestro’s EBITDA Down Nearly 60% in 1Q; Shares Fairly Valued
No-moat Covestro reported first-quarter EBITDA of EUR $442 million, down 58% over the 2018 period. This was largely expected so the stock is trading flat. EBITDA was down 75% in polyurethanes and nearly 50% in polycarbonates. The coatings, adhesives, and specialties was the bright spot during the quarter with 7% growth in EBITDA. Guidance for EBITDA of EUR 1.5–2.0 billion in 2019 was confirmed. We don’t expect to make a material change to our forecast or EUR 47 fair value estimate. At current le...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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