Brenntag : 4Q20 EBITDA 8% beat; expect 2021 consensus +2%
>4Q20 operating EBITDA 8% above consensus - Brenntag reported much better than expected 4Q20 results. Sales of € 2,876m were down 8% yoy, but 2% above consensus (Infront). Operating gross profit, however, was up 1% yoy and 4% above consensus at € 699m. This implies an operating gross margin of 24.3%, up 230bps yoy and 40bps above consensus. Operating EBITDA of € 254m was up 9% yoy, 8% above consensus and 9% above our forecast. As a result, the conversion margin (opera...Brenntag is a chemical distributor. Co. provides its customers and suppliers a range of services and global supply chain management as well as a chemical distribution network in Europe, North and Latin America as well as in the Asia Pacific region. Co. manages its business through its regionally structured segments in Europe, North America, Latin America and Asia Pacific. Co. provides a range of products as well as services such as just-in-time delivery, product mixing, blending, repackaging, inventory management, drum return handling as well as technical and laboratory services for specialty chemicals.
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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