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Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

AKZA 3Q18: Price & Cost Savings Drive Bottom Line

Earnings Note: 17 Oct 2018, 11:42 PM ET - Akzo Nobel reported an increase in its adjusted EBITDA on higher prices and cost savings, and a decline in its revenues on lower volumes and a negative currency impact. 
Focused

AKZA: €5.5 bn to Shareholders & Downgrade by S&P

Worth Watching: 02 Oct 2018, 10:35 PM ET - AKZA has announced plans to return an additional €5.5 bn to its shareholders following the sale of its Specialty Chemicals business to the Carlyle Group and GIC on October 1, 2018. We recap that this will come in addition to the €1.0 bn special di ..

SHW 2Q18: Cost Inflation vs Deleveraging

Earnings Note: 25 Jul 2018, 8:18 PM ET - We remain Underperform on SHW despite a solid 2Q18. 
Focused

AKZA 2Q18: More Input Costs & FX Pressure

Earnings Note: 19 Jul 2018, 9:47 PM ET - Input cost inflation and unfavourable currency translations continued to pressure margins in 2Q18. With little operating upside in the near-term, we maintain our Underperform recommendation on the credit. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

April 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 30 Apr 2018, 9:21 PM ET - Our monthly report provides executive summaries for the thirteen companies recommendation changes made on European companies during the month of April.
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AkzoNobel 1Q18: FX, Marine Coatings Hinder Results

Earnings Note: 26 Apr 2018, 11:17 AM ET - AkzoNobel immediately felt the absence of the de-consolidated  Specialty Chemicals business, as the Paints and Coatings unit struggled to combat rising input costs resulting from oil derived chemicals and pigments along with FX headwinds.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 
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AKZA: Sells Specialty Chems Unit for €10.1 bn

Worth Watching: 28 Mar 2018, 11:15 PM ET - AKZA (Baa1/A-) announced on Tuesday that it had agreed to sell its Specialty Chemicals business to the Carlyle Group and GIC for €10.1 bn. The deal is expected to close prior to year-end and values the business right around 10x enterprise value ..

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
Focused

AkzoNobel 4Q17: Specialty Chemicals Separation

Earnings Note: 09 Mar 2018, 5:57 AM ET - AkzoNobel is on track to separate its Specialty Chemicals segment via a private sale or a legal demerger around April 2018. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.
Focused

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.
Focused

AkzoNobel: Axalta Merger Falls Through

Worth Watching: 21 Nov 2017, 11:25 PM ET - AkzoNobel (Baa1/A-) announced on Tuesday that it had ended its discussions with Berkshire Hathaway-backed Axalta Coatings Systems regarding a potential merger of the AkzoNobel Paints & Coatings business. Persons familiar with the company said t ..

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