Chemtura Acquisition Lifts Lanxess' 3Q Profits, but Underlying Performance Is Mixed
We are maintaining our EUR 55 fair value estimate and no-moat rating for Lanxess after reviewing third-quarter results. However, we modify our forecast to reflect the future deconsolidation of Arlanxeo. At current levels, shares look overvalued. Third-quarter EBITDA increased 35% over 2016, but this was due primarily to the Chemtura acquisition, which closed on April 21. Underlying performance was mixed. Volume growth was modest or negative across the segments except for engineering materials, w...Lanxess is a management holding company, engaged in chemicals enterprise with a portfolio ranging from polymers to industrial, specialty and fine chemicals. Co. has three segments, which comprise 14 business units. Co.'s Performance Polymers segments include five units, Butyl Rubber, Performance Butadiene Rubbers, Keltan Elastomers, High Performance Elastomers, and High Performance Materials. Advanced Intermediates segments include two units, Advanced Industrial Intermediates, and Saltigo. Performance Chemicals segments, include seven units, Material Protection Products, Inorganic Pigments, Functional Chemicals, Leather, Rhein Chemie, Rubber Chemicals, and Liquid Purification Technologies.
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