Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

COVESTRO AG

(1COV)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Exclusive: Plastics maker Covestro's profit bolstered by electronics, furniture

share with twitter share with LinkedIn share with facebook
08/17/2020 | 05:39am EDT
FILE PHOTO:  The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen

Covestro is on track for better-than-expected earnings in the third quarter as stay-at-home workers' appetite to upgrade their mobile devices and furniture drives demand for the company's materials, its finance chief told Reuters.

The German maker of chemicals that go into casings of electronic devices and upholstery foams, said earnings before interest, taxes, depreciation and amortisation (EBITDA) would likely be about 350 million euros ($415 million) for the July-to-September period, up from 125 million in the second quarter.

That surpasses average analyst expectations of 268 million euros for third-quarter EBITDA, according to an Aug. 14 poll posted on the group's website.

The companies' shares extended gains to trade 2% higher at 1117 GMT.

"We are currently seeing a very solid upward trend and for now we don't expect that to reverse," finance chief Thomas Toepfer told Reuters in an interview.

The rebound was similar to the sequence in which the coronavirus pandemic initially knocked economies in world regions, he said.

Demand volumes in China were already well above prior-year levels, at year-earlier levels in Europe, and still somewhat "limping behind" in the United States.

"Demand for laptops, printers and other home equipment has indeed gained momentum. Also, furniture has become more relevant because people suddenly have time to sort things out," he said.

Heat insulation slabs for construction were also driving the upswing but the car industry, another important customer group, needed more time to fully rebound, he added.

Citing uncertainty, Toepfer would not be drawn on any review of the full-year guidance, for now a wide range of 700 million to 1.2 billion euros and down from last year's 1.6 billion. The 2020 market consensus is for 860 million euros.

By Patricia Weiss and Ludwig Burger


share with twitter share with LinkedIn share with facebook
All news about COVESTRO AG
11:53aCOVESTRO : Neste Corporation - Next milestone in the strategic cooperation of Ne..
AQ
10/20COVESTRO : receives first supply of certified renewable phenol for polycarbonate..
PU
10/20COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
EQ
10/20COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
EQ
10/19COVESTRO : UBS reiterates its Sell rating
MD
10/16COVESTRO AG : Release according to Article 40, Section 1 of the WpHG [the German..
EQ
10/15COVESTRO : NorldLB sticks Neutral
MD
10/15COVESTRO : Independant Research remains Neutral
MD
10/14GLOBAL MARKETS LIVE: What the first results show
10/14COVESTRO AG : Release according to Article 41 of the WpHG [the German Securities..
EQ
More news
Financials
Sales 2020 10 469 M 12 429 M 12 429 M
Net income 2020 144 M 171 M 171 M
Net Debt 2020 1 245 M 1 478 M 1 478 M
P/E ratio 2020 49,8x
Yield 2020 2,90%
Capitalization 8 350 M 9 877 M 9 913 M
EV / Sales 2020 0,92x
EV / Sales 2021 0,87x
Nbr of Employees 16 803
Free-Float 92,8%
Chart COVESTRO AG
Duration : Period :
Covestro AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COVESTRO AG
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 50,43 €
Last Close Price 43,25 €
Spread / Highest target 57,2%
Spread / Average Target 16,6%
Spread / Lowest Target -16,8%
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 AG4.34%9 877
LG CHEM, LTD.94.33%39 759
DOW INC.-9.85%36 567
FORMOSA PLASTICS CORPORATION-20.84%17 616
FORMOSA CHEMICALS & FIBRE CORPORATION-21.49%14 048
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.120.66%8 882