Brenntag : When there’s trouble … Brenntag. More constructive on 2023. Upcoming CMD may trigger re-rating. Upgrade to Outperform (Neutral)
>Encouraging messages from management roadshow - We hosted a roadshow with Brenntag's CEO, confirming resilience gained in the business model on top of the historical track record. When frequently questioned on ‘normalisation risk 2023’, management repeatedly pointed to 2008-2009 when the 14% y-o-y drop in sales aligned with the COGS correction kept gross profit and operating EBITDA largely stable with -2% and flat y-o-y respectively. Since 2020, “Project Brenntag” ha...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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