No Surprises in Evonik’s Q3 Results; Shares Fairly Valued
After reviewing Evonik’s third-quarter results, we are maintaining our no-moat rating and EUR 30 fair value estimate. At current levels, shares are fairly valued. EBITDA fell 11% relative to the prior-year period, but this was within our expectations, as 2015 was an exceptional year due to high prices in the methionine market.Nutrition and care segment EBITDA was down 37% relative to last year, but in line with our expectations, given the ongoing challenging market in baby care and normalizati...
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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