Solid Start For Lanxess in 1Q Despite Headwinds; Shares Undervalued
No-moat Lanxess reported solid results in the first quarter with EBITDA up 2% over 2018 and margins improving slightly despite its high exposure to the automotive industry, Europe, and China. The company quantified its 2019 guidance, which is for EBITDA of EUR 1.0 to EUR 1.05 billion, roughly flat over the previous year. This is broadly in line with our view and consensus, hence, the stock is having a muted reaction to results. Nothing in the quarter has altered our long-term thesis. Consequentl...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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