Covestro AG : EBITDA 22 outlook cut by 18% to € 2.25bn at mid-point; <17% consensus of € 2.7bn; M2M € 2.8bn; reduced mid-point at 4.8x EV/EBITDA vs 5.7x peers
>Covestro prudently cut 2022 EBITDA outlook by € 500m (18%) to € 2.25bn, 17% below consensus, on China lockdown (€-250m), higher raw mat/energy costs and lowered GDP (-€ 250m) - Covestro cuts its EBITDA outlook by 18% (€ 500m) at mid-point to € 2,000-2,500m (€ 2,500-3,000), citing ongoing Covid-lockdown in China, particularly around the Shanghai region, further significantly increasing energy and raw material costs and 1pp lowered global economic growth of 3.1% compar...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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