Evonik's Soft PMMA/MMA Outlook Overshadows Solid 3Q Results; Shares Undervalued
No-moat Evonik reported third-quarter EBITDA of EUR 692 million, up 8% over 2017 and in line with consensus and our expectations. It confirmed 2018 guidance. Despite solid results, the stock is trading down 4% at time of writing, the weakest in the group. We think the negative reaction in the share price probably reflects the first signs of normalization in the polymethyl methacrylate/methyl methacrylate markets, which have been overearning for an extended time. Evonik reported that supply was m...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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