Flat 2018 EBITDA growth outlook for Solvay due to currency headwinds; shares overvalued.
No-moat Solvay reported broadly in-line results for the fourth quarter as strong 8% volume growth was largely offset by higher energy costs and negative currency effects from the depreciating U.S. dollar. Fourth-quarter underlying EBITDA of EUR 494 million was up 2.8% over 2016 and slightly ahead of our expectations. For 2018, Solvay expects “organic†underlying EBITDA growth of 5%-7%. However, negative currency and scope effects will likely eliminate that growth, which essentially means guidanc...Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).
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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