Growth Baton Within Covestro Passed to Polycarbonates in 2Q; Shares Overvalued
No-moat Covestro reported solid results in the second quarter with EBITDA of EUR 985 million, a 16% increase over 2017 and slightly ahead of our estimates. The company also raised its 2018 guidance. EBITDA for the year is now expected to be above the 2017 level of EUR 3,435 million, whereas previous expectations were for around the same level. The guidance upgrade will cause us to boost our near-term estimates slightly, but we don’t expect to make a material change to our EUR 52 fair value estim...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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