Initiating Coverage of Evonik With a No-Moat Rating and EUR 30 Fair Value Estimate
We are initiating coverage of Evonik Industries with a no-moat rating and a fair value estimate of EUR 30 per share, implying a price/earnings ratio of 16 times, based on 2016 estimates. At current levels, shares look fairly valued. Evonik is a German chemical company offering a mix of speciality and commodity chemical products with a number-one to -three market position in 80% of its businesses. Nearly two thirds of its products are targeted at industrial end markets, particularly automotive an...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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