Evonik Gets Good Price on Methacrylates Sale; Dividend Shored Up
No-moat Evonik shares traded up 5% intraday after the company announced a better-than-expected sale price for its methacrylates business and a sustainable annual cash flow increase of EUR 100 million from pension reimbursements. The pension reimbursement was a surprise and provides much-needed security for dividend coverage with loss of the methacrylates cash flow contribution. Fourth-quarter results were in line with expectations, but guidance for 2019 is slightly lower than our forecast. We ar...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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