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

COVESTRO AG

(1COV)
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Covestro says recovery continues in July thanks to polycarbonates

07/23/2020 | 05:06am EST
FILE PHOTO: The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen

German chemicals maker Covestro's steady post-pandemic recovery has continued so far in July thanks to a strong performance of its polycarbonate division, the group's finance chief said on Thursday.

The coronavirus crisis had hurt Covestro's first-quarter numbers as key customers shut down factories, but demand picked up in June, allowing the company to beat consenus in preliminary second-quarter results released on July 9.

The recovery has carried through to July as declines in demand for polycarbonates from the automotive and transport industries were offset by a lower decline in volumes from the electrical, electronics, household appliances and construction industries, Chief Financial Officer Thomas Toepfer told Reuters.

Polycarbonates are a type of hard plastic that manufacturers use for car interiors, electronic equipment and toys.

The coronavirus pandemic had its strongest impact on Covestro in April and early May, when core volumes came in at 30% of the level the company was able to reach in June, Toepfer said.

Steady improvement in the company's financial performance towards last year's levels has been visible since mid-May, Toepfler said.

Covestro, whose main customers include the automotive industry and electronics manufacturers, reported final results broadly in line with the preliminary figures. It also confirmed the 2020 outlook it had announced in a profit warning on April 15.

(Reporting by Anneli Palmer in Duesseldorf, writing by Zuzanna Szymanska in Gdansk; Editing by Tomasz Janowski)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE -0.23% 60.07 Delayed Quote.-10.60%
BAYER AG 0.12% 49.205 Delayed Quote.-32.50%
COVESTRO AG -1.26% 46.38 Delayed Quote.13.32%
WANHUA CHEMICAL GROUP CO., LTD. -2.47% 82.1 End-of-day quote.46.16%
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11/16COVESTRO : 2020 ESG Investor Presentation November 2020
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Financials
Sales 2020 10 461 M 12 453 M 12 453 M
Net income 2020 248 M 295 M 295 M
Net Debt 2020 1 135 M 1 351 M 1 351 M
P/E ratio 2020 35,2x
Yield 2020 2,77%
Capitalization 9 068 M 10 799 M 10 795 M
EV / Sales 2020 0,98x
EV / Sales 2021 0,93x
Nbr of Employees 16 626
Free-Float 92,8%
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Technical analysis trends COVESTRO AG
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 51,05 €
Last Close Price 46,97 €
Spread / Highest target 38,4%
Spread / Average Target 8,69%
Spread / Lowest Target -21,2%
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
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