Arkema : Une réserve unique d’EBITDA dans un contexte macro déprimant
Arkema se distingue par une réserve d’EBITDA >400 M€ en provenance de projets déjà financés. Mais le contexte macro, à l’origine d’un manque à gagner >200 M€ d’EBITDA, continue de se dégrader en ce début d’année avec des incertitudes majeures. Nous abaissons nos BPA estimés de 8% (moyenne 2025-2027). Notre nouvel OC à 85 € vs 92 € (6x l’EBITDA 2025e proforma), offre toujours un potentiel significatif (cours actuel proche du scénario bear excluant toute reprise de la demande sur les prochaines années).Arkema is engaged in the global chemical industry which is a processing industry based on the transformation in one or several stages of raw materials (oil derivatives, gas, minerals, natural products) into more or less complex chemical products, or into plastics obtained by polymerization. In addition, Co. manufactures a wide range of products for other major industries: construction, packaging, chemicals, automotive, electronics, food manufacturing, pharmaceuticals, etc. Co. operates in this industrial context with a business portfolio focused on three segments: High Performance Materials, Industrial Specialties, and Coating Solutions.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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