Brenntag : Good finish with op. EBITDA 8%>cons despite conv. margin<cons; good 2022 outlook on lasting tightness leaves 5% upside to cons at mid-point
>Q4 op. EBITDA up 32.5% y-o-y, 8% ahead of consensus; conversion ratio of 37.9% may disappoint consensus (39.2%) - Q4 op. EBITDA was up 32.5% y-o-y adj. for forex to € 346m, 8% ahead of consensus (€ 322m) also helped by faster than initially expected progress in 'Project Brenntag', achieving a € 120m run-rate (55%) by YE 2021 compared with the € 220m targeted until 2023 and 'around 50%' indicated at our GIS conference. Q4 mirrored Q3, which reported € 343m op. EBITDA....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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