Covestro AG : Better Q2 prelims but EBITDA 2022 outlook cut by € 300m or 13% to € 1,950m, 17% below consensus of € 2,342m primarily on higher gas costs
>EBITDA 2022 outlook cut by € 300m or 13% at mid-point to € 1,950m, -17%/-14% below consensus/ODDO BHF - Against the background of a reassuring CFO interview in BöZ on 18 July, Covestro last Friday surprisingly cut its FY EBITDA outlook by € 300m, i.e. 13% to € 1,700-2,200m (€ 2.0-2.5bn), 17%/14% below consensus/ODDO BHF forecast of € 2,342m and € 2,270m, respectively. Raised energy costs by € 200m to € 2.2bn was the key driver for the downgrade, alongside € 100m redu...Covestro AG is a global supplier of high-tech polymer materials and application solutions developed for these materials. Co. produces precursors for polyurethane foams and the high-performance plastic polycarbonate in addition to raw materials for coatings, adhesives and sealants as well as specialty products, including high-quality films. Other precursors such as chlorine and by-products like styrene are part of Co.'s range of products.
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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