Tight Polyurethane Market Continues to Drive Covestro’s Strong Performance; Shares Overvalued
No-moat Covestro reported another quarter of eye-watering EBITDA growth as supply disruptions in the polyurethanes market continue, causing prices to skyrocket. Fourth-quarter EBITDA of EUR 879 million more than doubled the prior-year period and was well above our expectations. Tight market conditions, particularly in TDI look poised to continue for the first half of 2018 due to ongoing supply disruptions. Consequently, Covestro expects first-quarter EBITDA to be significantly above the prior-ye...
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