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MarketScreener Homepage  >  Equities  >  Xetra  >  Covestro    1COV   DE0006062144

COVESTRO (1COV)
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Covestro replaces ProSieben in German blue-chip index

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03/06/2018 | 09:50am CEST

FRANKFURT (Reuters) - Covestro (>> Covestro), a maker of materials for insulation foams and transparent plastics, will replace broadcaster ProSiebenSat.1 Media (>> ProSiebenSat.1 Media) in Germany's blue-chip DAX index <.GDAXI>, after Bayer (>> Bayer) sold off Covestro shares.

FRANKFURT (Reuters) - Covestro, a maker of materials for insulation foams and transparent plastics, will replace broadcaster ProSiebenSat.1 Media in Germany's blue-chip DAX index <.GDAXI>, after Bayer sold off Covestro shares.

The surprise switch was based on the fast-entry rule, stock exchange operator Deutsche Boerse said late on Monday, which allows a company to enter an index ahead of the stock exchange's regular review if it ranks among the biggest 25 companies in terms of market capitalisation and turnover.

Covestro shares gained 3.3 percent in early Tuesday trade, as the DAX inclusion qualifies the stock for funds that passively track the index and for large-cap portfolio managers that use the DAX as part of their investment universe. ProSieben shares slipped 0.2 percent.

Covestro's former parent Bayer last year sold 4.7 billion euros worth of shares in the plastics business to help finance its planned takeover of seeds company Monsanto, boosting the number of freely traded shares.

That reduced the stake held directly by Bayer to 14.2 percent and moved the drugs and pesticides maker closer to its planned exit of Covestro.

Covestro, formerly known Bayer MaterialScience, is generating cash faster than previously thought, helped by buoyant demand for materials that the chemicals industry is struggling to meet and amid limited opportunities to invest in new plants and equipment.

Its shares have gained almost 38 percent over the past six months, helped by a boost in earnings and a share buyback programme that will likely continue beyond 2019.

ProSieben will move to the MDAX index of Germany's 50 biggest companies below the blue-chip level.

The index changes will become effective on March 19. The next regular index review will be held on June 5.

Separately, Raymond James analyst Patrick Lambert lifted his recommendation for Covestro to "strong buy" from "outperform", citing the company's confident outlook for 2018 and the use of transparent polycarbonate plastics in cars and electronics.

"Covestro remains the cheapest stock in our sector on all metrics, trading at a 21 percent discount," he said.

(Reporting by Ludwig Burger and; Maria Sheahan; Editing by Mark Potter)

Stocks treated in this article : Bayer, Deutsche Boerse, ProSiebenSat.1 Media, Covestro
Stocks mentioned in the article
ChangeLast1st jan.
BAYER 0.04% 83.76 Delayed Quote.-18.19%
COVESTRO 1.91% 79.12 Delayed Quote.-8.66%
DAX 0.00% 12358.87 Delayed Quote.-4.33%
DEUTSCHE BOERSE -0.57% 113.05 Delayed Quote.17.46%
MDAX -0.41% 26591.81 Delayed Quote.1.91%
PROSIEBENSAT.1 MEDIA -1.46% 22.3 Delayed Quote.-21.16%
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Financials (€)
Sales 2018 14 756 M
EBIT 2018 2 943 M
Net income 2018 2 074 M
Debt 2018 505 M
Yield 2018 3,22%
P/E ratio 2018 7,40
P/E ratio 2019 8,32
EV / Sales 2018 1,10x
EV / Sales 2019 1,01x
Capitalization 15 722 M
Chart COVESTRO
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Technical analysis trends COVESTRO
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 102 €
Spread / Average Target 30%
EPS Revisions
Managers
NameTitle
Markus Steilemann Chief Executive Officer
Richard Pott Chairman-Supervisory Board
Thomas Toepfer Chief Financial Officer
Klaus Schäfer Chief Technology Officer
Petra Kronen Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COVESTRO-8.66%17 921
LG CHEM LTD--.--%22 991
FORMOSA PLASTICS CORPORATION--.--%22 322
FORMOSA CHEMICALS & FIBRE CORPORATION--.--%22 266
LOTTE CHEMICAL CORP--.--%10 526
HENGYI PETROCHEMICAL CO LTD--.--%5 777