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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GlobalData Plc    DATA   GB00B87ZTG26

GLOBALDATA PLC

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GlobalData : Petrochemicals divestment another sign of BP's clean energy shift, says GlobalData

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06/29/2020 | 02:54pm EDT
29 Jun 2020
Petrochemicals divestment another sign of BP's clean energy shift, says GlobalData
Posted in Oil & Gas

Following today's announcement that BP will sell its petrochemicals business to INEOS;

Will Scargill, Managing Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers his view on the transaction rationale:

'While many oil and gas companies have recently looked to petrochemicals integration as a way to drive value, BP's petrochemicals unit was not particularly well suited to its new energy transition strategy. Its aromatics focus tied it to oil, putting it at odds with the shift to cleaner sectors such as gas and renewables and making it a natural area for divestment as the company looks to streamline.

'Furthermore, meeting its $15bn divestment target ahead of schedule will be a welcome financial boost given the market turmoil caused by the COVID-19 pandemic.

'Meanwhile, for INEOS, this transaction will be a major step forward in its growth plans. At a stroke, the company will become a major player in aromatics, while at the same time building on geographical and operational synergies.'

Disclaimer

GlobalData plc published this content on 29 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2020 18:53:04 UTC

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Financials
Sales 2020 186 M 233 M 233 M
Net income 2020 23,0 M 28,7 M 28,7 M
Net Debt 2020 35,1 M 43,8 M 43,8 M
P/E ratio 2020 79,2x
Yield 2020 1,19%
Capitalization 1 681 M 2 096 M 2 099 M
EV / Sales 2019
EV / Sales 2020 9,21x
Nbr of Employees 3 355
Free-Float 26,1%
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Number of Analysts 2
Average target price 1 200,00 GBX
Last Close Price 1 425,00 GBX
Spread / Highest target -15,8%
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Michael Thomas Danson Chief Executive Officer & Director
Bernard Anthony Cragg Chairman
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