Report
Fabian Semon ...
  • Michael B. Schäfer

Brenntag : Q1 op. EBITA 5% above consensus, strong FCF on NWC tailwind, outlook confirmed, leaving mid-point 3% above consensus. Good

>Q1 op. EBITA was down 13% y-o-y adj. for FX to € 345m, 5%/7% above consensus/ODDO BHF (€ 329m/€ 323m) - Op. EBITA of € 345m came in ahead of expectations, reporting a 13% FX adj. decline fuelled by weaker Specialties against a tough comparison base and 'other' segments but partly compensated by 5% y-o-y growth in Essentials thanks to strong EMEA and North American business (GP/unit). Q1 op. EBITA is 5% above the consensus of € 329m and up 27% q-o-q sequentially compa...
Underlying
Brenntag SE

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Fabian Semon

Michael B. Schäfer

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