Guidance Upgrade For Lanxess in 1Q Doesn’t Surprise Us; Shares Fairly Valued
We think market expectations for no-moat Lanxess were very low going into the first quarter after soft guidance was issued for 2018 with fourth-quarter results. Consequently, the stock was up significantly (around 6%) after reporting first-quarter EBITDA of EUR 375 million, which beat consensus by a modest 4%. Furthermore, 2018 guidance was upgraded to a 5%-10% increase in EBITDA (excluding Arlanxeo), compared with previous guidance for a “slight†increase in EBITDA. In our last note, we argued ...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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