Covestro AG : Mixed picture and not cheap enough to make us enthusiastic ahead of winter
>China uncertainty still there, OpFCF remains under pressure - Continuing uncertainty on China’s zero-Covid strategy highlights Covestro’s strong exposure to APAC (34% of sales 2021) including 22pp linked to China. Respective key product markets send mixed signals with rising European TDI prices on supply shortages on the one hand and falling MDI/polycarbonate prices on the other. This adds to a rather static € 1bn capex outlook for 2023, up from € 950m in 2022, curta...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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