Solid Results for Lanxess Despite Drag From Performance Chemicals; Shares Undervalued
No-moat Lanxess reported fourth-quarter results that were broadly in line with consensus and our estimates. Fourth-quarter EBITDA was EUR 179 million, flat with the prior year period. Lanxess provides qualitative guidance with fourth-quarter results and then gives hard numbers after the first quarter. For 2019, Lanxess expects EBITDA to be around the 2018 level, which implies a slight decrease after considering the impact of IFRS 16. This is also in line with our estimates. We don’t expect to ma...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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