Initiating Coverage of Lanxess With No-Moat Rating and EUR 55 FVE
We are initiating coverage of Lanxess with a no-moat rating and a fair value estimate of EUR 55. Our fair value estimate implies an enterprise value/EBITDA of 6 times, based on 2018 estimates. At current levels, the shares look overvalued.Lanxess, a German chemical company, is known as the global leader in synthetic rubber for use in tires and automobiles. However, a feedstock cost disadvantage forced the company to put the business in a joint venture with Saudi Aramco, which was completed in 2...
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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