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Arkema 3Q18: Higher Prices Offset Cost Pressures

Earnings Note: 06 Nov 2018, 10:09 PM ET - We maintain our Underperform recommendation on Arkema despite a solid quarter as we fail to see an adequate upside to the credit with the company's strategy geared towards acquisitions and elevated capex. 

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

Arkema 2Q18: Pricing Offsets Higher Costs, FX

Earnings Note: 02 Aug 2018, 12:02 AM ET - Momentum from 1Q18 continues, as Arkema was largely able to offset higher raw material costs with pricing initiatives, leading to 8% adj. EBITDA growth. Management subsequently raised its FY18 EBITDA guidance to mid-single digits.

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.

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. 

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

Arkema 4Q17: CAPEX Ramp Up

Earnings Note: 22 Feb 2018, 11:40 PM ET - Recovering Acrylic monomer margins more than offset the impact of higher input costs, resulting in strong FY17 results. Bostik Synergies, cost pass thru and efficiency initiatives will be key to offsetting raw material inflation in 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. 

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

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

Arkema 3Q17: Sticky Growth?

Earnings Note: 13 Nov 2017, 11:59 PM ET - Adhesives and Advanced materials continue to shine, as management doubles down on its strategy to expand Bostik’s business with successive acquisitions of Den Braven and CMP, as well as the recently announced XL Brands Acquisition.

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.
Focused

Arkema 1Q17: Positive Momentum

Earnings Note: 14 May 2017, 8:27 AM ET - Arkema got of to a strong start to the year as the company's results responded positively to the uptick in raw materials, although acrylic fundamentals remain relatively weaker than Arkema's results suggests.
Focused

Arkema 4Q16: Advances Synergies, Maintain UP

Earnings Note: 28 Feb 2017, 11:24 PM ET - Arkema continued to progress on its synergy targets and should realize modest 2017 earnings. Arkema quarterly EBITDA continued to advance on synergies driven by Bostik , as well as a later-year recovery in acrylic monomers.

IG Note: MLP Implications For Chemicals

IG Note: 26 Jan 2017, 2:40 PM ET - The IRS and U.S. Department of Treasury regulations designate certain ethylene steam-cracker operations as MLP qualifying income, potentially presenting an opportunity for several companies over the coming years.

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