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Clariant: 3Q18 Sales Update

Worth Watching: 31 Oct 2018, 3:24 PM ET - Clariant (Ba1/BBB-) provided its 3Q18 sales update on October 31. Group sales were up 2% YoY at CHF 1.6 bn on higher prices (+4%) and higher volumes (+2%), which were partially offset by negative currency translation (-3%). Management confirmed ..

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

Clariant 1H18: Catalysis & Care Chems Drive Gains

Earnings Note: 26 Jul 2018, 5:42 PM ET - Following a tumultuous 2017 that saw activist investors successfully block the much anticipated Huntsman merger, Clariant was able to deliver solid 1H18 results as it capitalized on an improving economic and industrial environment in the EU

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.
Focused

Clariant: 1Q18 Sales Update - M/P

Worth Watching: 25 Apr 2018, 10:03 PM ET - Clariant (Ba1/BBB-) provided its 1Q18 revenue update today. Sales increased 7% yoy to CHF 1.72 bn, and adjusted EBITDA grew 7% to CHF 294 mn, with adjusted EBITDA margin remaining stable at 17.1%. Quarterly performance was driven by higher volu ..

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

Clariant 2H17: Hello SABIC, Fairwell WhiteTale

Earnings Note: 19 Feb 2018, 9:13 PM ET - Despite a tumultuous 2017 that saw activist investor White Tale successfully block the anticipated Huntsman merger, the company was able to deliver solid performance as it capitalized on an improving economic and industrial environment.

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.

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.

November 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Dec 2017, 12:03 AM ET - Our monthly report provides executive summaries for the twenty-five companies recommendation changes made on European companies during the month of November.
Focused

Clariant: 3Q17 Sales - White Tale Gets Its Way

Worth Watching: 02 Nov 2017, 12:25 AM ET - Clariant (Ba1/BBB-) provided its 3Q17 Revenue update today. Comparable sales increased 12% yoy to CHF 1.57 bn. When adjusting for the impact of acquisitions and Süd-Chemie India Pvt Ltd joint venture, we find that revenues still increased 9% yo ..

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.

Huntsman: Review For Upgrade By Moody's

Worth Watching: 22 May 2017, 11:55 PM ET - Huntsman (B1/B) was placed on review for upgrade by Moody's following its announced stock-for-stock merger (see HuntsmanClariant: Feeling The Need For IG) with Clariant (Ba1/BBB-). However, the announcement was fairly anticlimatic since the agency ..
Focused

HuntsmanClariant: Feeling The Need For IG

HY Note: 22 May 2017, 4:08 PM ET - Huntsman and Clariant announced an agreement to merge in an all stock deal that the two firms hope will lead to an investment grade rating at the close of the transaction.

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