Clariant : Cleaned up and growing again
We are initiating coverage of Clariant with an Outperform rating and a target price of CHF 18, harbouring 23% upside to current trading. Clariant has transformed into a consumer-centric (42% of sales) specialty chemicals producer in recent years. Multiple years of restructurings came to an end in 2023 or may have their final cash outflow in 2024. This cleaned-up and streamlined business model forms the basis of a primarily (75%) self-help driven EBITDA recovery to CHF 825m in 20...Clariant is a specialty chemicals group based in Switzerland. Co. develops, manufactures, distributes and sells a broad range of specialty chemicals which play a key role in its customers' manufacturing and treatment processes or add value to their end products. Co. has manufacturing plants around the world and sells mainly in countries within Europe, the Americas and Asia. Co.'s businesses are organized into four business areas: Care Chemicals (BU Industrial & Consumer Specialties), Catalysis & Energy (BU Catalysts, Business Line Energy Storage), Natural Resources (BU Oil & Mining Services, BU Functional Minerals), and Plastics & Coatings (BU Additives, BU Masterbatches, BU Pigments).
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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