Covestro AG : Weak preliminary Q4 EBITDA loss, no dividend likely on one-off writedowns; no outlook yet but recall cautious GIS takeaway; risk-reward not attractive
>Loss-making prelim Q4 2022 EBITDA of -€ 45m vs € 24m consensus; positive FCF better on strong destocking - Covestro reported weaker-than-expected preliminary 2022 results with Q4 EBITDA turning negative to -€ 45m vs consensus of €24m (ODDO BHF: € 30m) and Q3 2022 results of € 302m. No further details are available but we estimate the Performance Materials EBITDA to have dropped more markedly to -€ 207m in Q4 2022 (cons -€ 20m). Accumulated EBITDA 2022 of € 1,610m ha...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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