Covestro AG : Not cheap enough anymore as recalibration continues on European energy & China – downgrade to Neutral (Outperform)
>Two profit warnings in a row and persisting energy/China uncertainty - Two profit warnings in H1 caused by its China- and spot energy-exposure have highlighted risk factors, which we expect to remain in place for longer and potentially also weigh on the quarters ahead. This leads us to a more cautious view, despite the 40% ytd drop in the share price already. Covestro’s strong exposure to APAC (34% of sales 2021) including 22pp linked to China leave lockdown and geop...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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