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MarketScreener Homepage  >  Equities  >  Xetra  >  Covestro AG    1COV   DE0006062144

COVESTRO AG

(1COV)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 11/30 06:58:33 am
47.175 EUR   -0.58%
11/27COVESTRO : Kepler Cheuvreux reiterates its Buy rating
MD
11/27COVESTRO : Goldman Sachs remains its Buy rating
MD
11/26COVESTRO : Baader Bank remains its Buy rating
MD
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Covestro reports third-quarter profit beat on strong Asia, furniture units

10/27/2020 | 11:50am EST
FILE PHOTO: The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen

(Reuters) - German chemicals maker Covestro reported forecast-beating third-quarter profits on Tuesday, citing cost cuts and a recovery from a pandemic-induced slump driven by strength in its Asia-Pacific and furniture component units.

The group, whose main products include foam chemicals used in mattresses, furniture upholstery and car seats, saw demand from the furniture industry rise 6% year-on-year, led by Asia-Pacific, Chief Executive Markus Steilemann told a conference call.

A key driver behind the increase has been people refurbishing their homes with new sofas and mattresses instead of spending money to travel, Steilemann said.

"I think there is a stronger trend that we're currently seeing, a societal trend that people are focusing more towards home," the CEO said.

"I would believe that this trend will also last longer than one or two quarters, maybe longer than one and two years," he added.

Covestro said net income for the three months ending Sept. 30 was 179 million euros ($212 million), compared with 147 million euros a year earlier and an average 112 million euros expected by analysts in a company-provided poll.

Its rebound should continue into the fourth quarter, finance chief Thomas Toepfer told Reuters.

"While our guidance is subject to the risk of a second massive lockdown, we do not expect that at the moment and see ourselves absolutely on track to reach the targets," he said.

Recovery across all segments and regions, especially China, balanced out softer demand from the automotive industry, Toepfer said.

Covestro's acquisition of Dutch peer DSM's paint and coating component unit should also reduce its exposure to car production, Toepfer said, though he added he still expects to sell more products to carmakers long term.

The company confirmed the preliminary sales, earnings before tax, and guidance adjustments it announced at the beginning of the month.

($1 = 0.8461 euros)

(Reporting by Zuzanna Szymanska in Gdansk; Editing by Rashmi Aich, Mike Harrison and Jan Harvey)

By Zuzanna Szymanska


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.23% 61.09 Delayed Quote.-9.55%
BAYER AG -1.60% 48.745 Delayed Quote.-32.00%
COVESTRO AG -0.67% 47.14 Delayed Quote.14.48%
ROYAL DSM N.V. 0.07% 137 Delayed Quote.18.00%
WANHUA CHEMICAL GROUP CO., LTD. -2.47% 82.1 End-of-day quote.46.16%
All news about COVESTRO AG
11/27COVESTRO : Kepler Cheuvreux reiterates its Buy rating
MD
11/27COVESTRO : Goldman Sachs remains its Buy rating
MD
11/26COVESTRO : Baader Bank remains its Buy rating
MD
11/24COVESTRO AG : Notification and public disclosure of transactions by persons
EQ
11/24COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
EQ
11/24COVESTRO : Goldman Sachs maintains a Buy rating
MD
11/23COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
EQ
11/20COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
EQ
11/18COVESTRO : Baader Bank remains its Buy rating
MD
11/18COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
EQ
More news
Financials
Sales 2020 10 461 M 12 537 M 12 537 M
Net income 2020 248 M 297 M 297 M
Net Debt 2020 1 135 M 1 360 M 1 360 M
P/E ratio 2020 35,5x
Yield 2020 2,75%
Capitalization 9 161 M 10 953 M 10 979 M
EV / Sales 2020 0,98x
EV / Sales 2021 0,94x
Nbr of Employees 16 626
Free-Float 92,8%
Chart COVESTRO AG
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Covestro AG Technical Analysis Chart | MarketScreener
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Technical analysis trends COVESTRO AG
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 51,05 €
Last Close Price 47,45 €
Spread / Highest target 37,0%
Spread / Average Target 7,59%
Spread / Lowest Target -22,0%
EPS Revisions
Managers
NameTitle
Markus Steilemann Chief Executive Officer
Richard Pott Chairman-Supervisory Board
Thomas Toepfer Chief Financial Officer & Labor Director
Klaus Schäfer Chief Technology Officer
Petra Kronen Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COVESTRO AG14.48%10 953
LG CHEM, LTD.157.01%53 499
DOW INC.1.22%41 093
FORMOSA PLASTICS CORPORATION-12.22%19 452
FORMOSA CHEMICALS & FIBRE CORPORATION-8.91%16 193
LOTTE CHEMICAL CORPORATION29.02%8 907