Covestro AG : Q3 in line; raised EBITDA guidance leaves 2% upside to cons at midpoint; lowered FCF outlook solely on higher NWC, cash-in 2022
>Q3 EBITDA in line and at upper end, as indicated before - Q3 EBITDA of € 862m was up 6% q-o-q (+89% y-o-y) and in-line with our/cons forecast of € 858m/€ 854m primarily on € 576m y-o-y pricing delta while the € 24m volume contribution was curtailed by constrained plant availability, as expected. Management back at the virtual CMD in mid-September already pointed to the upper end of the € 760-860m guidance range. Newly formed performance materials segment (PUR + stand...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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