Solid 4Q for Clariant; White Tail Replaced by Sabic
No-moat Clariant reported solid fourth-quarter results with EBITDA slightly ahead of our estimates due to better-than-expected margins. For 2018, Clariant expects to achieve sales growth in local currency, as well as progression in operating cash flow, absolute EBITDA, and EBITDA margin. This sounds broadly in line with our forecast for a mid-single-digit increase in EBITDA. Consequently, we don’t expect to make any material changes to our estimates. Our fair value estimate of CHF 18 will likely...
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