Solid 3Q for Evonik; Maintaining FVE
We are maintaining no-moat Evonik’s EUR 32 fair value estimate after reviewing third-quarter results. EBITDA increased 11% over the prior-year period from the impact of acquisitions and strong performance in the resource efficiency segment. This supports our view that the resource efficiency segment contains the most moatworthy business lines. Volume growth for the group increased a respectable 4% over 2016. Evonik achieved EUR 6 million in synergies on the Air Products acquisition in the third ...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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