Evonik 2Q Broadly In Line; Maintaining FVE
We are maintaining our EUR 32 fair value estimate for no-moat Evonik after reviewing second-quarter results. EBITDA increased 9% over the prior-year period due to the Air Products acquisition and strong performance in the resource efficiency segment, as the margin declined only slightly despite higher raw material costs. This supports our view that the resource efficiency segment contains the most moatworthy business lines. Evonik achieved EUR 5 million in synergies on the Air Products acquisiti...Steag, through its subsidiaries, is engaged mainly in power generation and related industries. Co.'s business is divided into five units: Power generation, Decentralized Energy Supply, Foreign Power Plants, Gas Distribution, and Coal Trading.
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