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SRH AlsterResearch AG Update: Brenntag SE - Substantial rise in organic earnings; PT up but remains HOLD

SRH AlsterResearch AG Update: Brenntag SE - Substantial rise in organic earnings; PT up but remains HOLD

Nachrichtenquelle: AlsterResearch AG
12.05.2021, 13:56  |  125   |   |   

Brenntag reported favorable business development in Q1 2021 amid fast-changing business conditions. The company registered a substantial rise in organic earnings, driven by good progress in its efficiency improvements.

Brenntag SE (Update)

Chemicals
MCap EUR 11.4bn

HOLD, PT EUR 80.00 (+8% potential)
Research_update

Brenntag reported favorable business development in Q1 2021 amid fast-changing business conditions. The company registered a substantial rise in organic earnings, driven by good progress in its efficiency improvement program, despite both segments facing supply-chain-related stress in Americas and EMEA. The management maintained its guidance for 2021, expecting operating EBITDA of EUR 1.08bn-1.18bn (consensus: EUR 1.16bn), which includes expected restructuring savings. However, given the elevated share price, we maintain our “HOLD” recommendation but increase our price target from EUR 70.00 to EUR 80.00 based on our DCF and adj. FCF yield 21/22E.

 

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Brenntag Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de

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SRH AlsterResearch AG Update: Brenntag SE - Substantial rise in organic earnings; PT up but remains HOLD Brenntag reported favorable business development in Q1 2021 amid fast-changing business conditions. The company registered a substantial rise in organic earnings, driven by good progress in its efficiency improvement program, despite both segments facing supply-chain-related stress in Americas and EMEA. The management maintained its guidance for 2021.

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