Evonik Pre-Releases Strong 2Q With Modest Guidance Upgrade; Maintaining EUR 32 FVE
In accordance with German law, no-moat Evonik pre-released second-quarter results due to a "material" deviance from consensus. EBITDA for the second quarter was EUR 742 million, 7% above consensus and 16% above the prior-year period. We would also describe the results as strong, particularly on margins, but expect increasing raw material costs to claw back some of the margin gains by the end of the year. We will likely adjust our near-term estimates up slightly but don’t expect to change our EUR...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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