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    1COV   DE0006062144

COVESTRO AG

(1COV)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 06/15 09:39:44 am
53.31 EUR   -0.58%
06/08COVESTRO  : Plastics for uninterrupted 5G reception
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06/07COVESTRO  : receives JEC Innovation Award
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06/02COVESTRO  : Recycling of polycarbonate composites
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Covestro reports third-quarter profit beat on strong Asia, furniture units

10/27/2020 | 11:50am EDT
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 -0.27% 67.02 Delayed Quote.3.89%
BAYER AG 0.60% 53.56 Delayed Quote.10.50%
COVESTRO AG -0.15% 53.5 Delayed Quote.6.22%
ROYAL DSM N.V. 0.16% 152.2 Real-time Quote.7.88%
WANHUA CHEMICAL GROUP CO., LTD. 0.56% 114.8 End-of-day quote.26.10%
All news about COVESTRO AG
06/08COVESTRO  : Plastics for uninterrupted 5G reception
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06/07COVESTRO  : receives JEC Innovation Award
PU
06/02COVESTRO  : Recycling of polycarbonate composites
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05/28COVESTRO  : 2021 ESG Investor Presentation June 2021
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05/28DGAP-PVR : Covestro AG: Release according to -2-
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05/28COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
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05/21Today on Wall Street: Poor manufacturing data boosts indexes
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Financials
Sales 2021 13 447 M 16 275 M 16 275 M
Net income 2021 1 203 M 1 457 M 1 457 M
Net Debt 2021 1 185 M 1 434 M 1 434 M
P/E ratio 2021 8,66x
Yield 2021 4,21%
Capitalization 10 357 M 12 559 M 12 535 M
EV / Sales 2021 0,86x
EV / Sales 2022 0,85x
Nbr of Employees 16 395
Free-Float 97,0%
Chart COVESTRO AG
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Technical analysis trends COVESTRO AG
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 67,31 €
Last Close Price 53,62 €
Spread / Highest target 50,9%
Spread / Average Target 25,5%
Spread / Lowest Target -10,5%
EPS Revisions
Managers and Directors
NameTitle
Markus Steilemann Chief Executive Officer
Thomas Toepfer Chief Financial Officer & Labor Director
Richard Pott Chairman-Supervisory Board
Klaus Schäfer Chief Technology Officer
Petra Kronen Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
COVESTRO AG6.22%12 559
LG CHEM, LTD.0.36%54 568
DOW INC.20.65%50 018
FORMOSA PLASTICS CORPORATION7.37%23 792
FORMOSA CHEMICALS & FIBRE CORPORATION1.30%18 122
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.30.38%13 393