Evonik Posts Solid 1Q Results; Shares Fairly Valued
We are increasing our fair value estimate for Evonik to EUR 32 per share from EUR 30 due to a sharp rise in profits in the performance materials segment and the time value of money. At current levels, the shares look fairly valued. Evonik reported solid first-quarter results, mirroring the trends we have seen in most of our European chemicals coverage universe this quarter. Specifically, strong volume was driven by restocking and robust demand from the automotive sector. Volume increased 8% comp...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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