Lanxess : Even more special: Triple de-risking, 48% of EBITDA growth until 2023 from integration/synergies in CP; trading at 35% discount to peers and at 0.8 P/B
>Triple de-risking following HPM exit: Secured exit for € 2.5bn total EV; € 1.1bn cash-in 2023 with SBB; automotive exposure halved to <10% - We have implemented the recently announced 2-step disposal of Lanxess’ HPM sub-segment to an Advent-led Engineering Plastics JV (LXS <=40%) in our model. We reiterate our positive view on the name as the transaction further de-risks the business model and makes Lanxess ‘even more special[ty chemicals]’, in our view. € 2.5bn EV f...Lanxess is a management holding company, engaged in chemicals enterprise with a portfolio ranging from polymers to industrial, specialty and fine chemicals. Co. has three segments, which comprise 14 business units. Co.'s Performance Polymers segments include five units, Butyl Rubber, Performance Butadiene Rubbers, Keltan Elastomers, High Performance Elastomers, and High Performance Materials. Advanced Intermediates segments include two units, Advanced Industrial Intermediates, and Saltigo. Performance Chemicals segments, include seven units, Material Protection Products, Inorganic Pigments, Functional Chemicals, Leather, Rhein Chemie, Rubber Chemicals, and Liquid Purification Technologies.
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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