Evonik posts solid first-quarter results.
After reviewing Evonik’s fourth-quarter results, we are maintaining our no-moat rating and EUR 30 fair value estimate. At current levels, shares are fairly valued. Fourth-quarter EBITDA fell 13% relative to the prior-year period, but within our expectations, as 2015 was an exceptional year due to high prices in the methionine market. For full-year 2016, EBITDA was EUR 2.2 billion, in line with guidance for EUR 2.0 billion-2.2 billion and our EUR 2.2 billion estimate. For 2017, Evonik expects EBI...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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