Covestro AG : CMD – Mid-cycle EBITDA raised by 25%, suggesting € 1.2bn base-case FCF; tight MDI lasts; capex>D&A only 2024-2026 on potential new MDI plant
>Mid-cycle EBITDA raised to € 2.8bn (€ 2.2bn); homemade, no raised ‘commodity spreads’ baked in - Covestro hosted a vCMD, outlining its new segment structure and growth path ahead. The company raised its mid-cycle EBITDA to € 2.8bn (€ 2.2bn) until 2024. This compares with a reiterated € 2.7-3.1bn EBITDA 2021 outlook (ODDO BHF: € 2,964m, Vara: € 2,924m) and our forecast of € 2,957m in 2023 (Vara: € 2,844m). Covestro’s raised mid-cycle outlook now includes an estimated ...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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