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Clariant

  CLN VX

Chemicals-Specialty, Chemicals-Diver...
 /  Switzerland 
Men at work – ongoing restructuring
Updates
09/08/2010Target Change
Change in Target PriceCHF 15.3 vs 12.9+18.2 %

The change is attributable to the SOTP (see related comment) and the DCF (see related comment). Regarding the comparison-based valuation, we have ignored all premiums (P/E, EV/EBITDA, P/Book and Yield).

Men at work – ongoing restructuring
09/08/2010EPS change
Change in EPS2010 : CHF 0.29 vs 0.22+27.9 %
2011 : CHF 0.19 vs 0.19+4.51 %

EPS for 2010 benefits from upward adjustments for the FY.
Men at work – ongoing restructuring
30/07/2010Earnings/sales releases
Continued strong performance in Q2, ...
30/04/2010Earnings/sales releases
The Q1’10 figures came in slightly hi...
16/02/2010Earnings/sales releases
Clariant’s FY 09 figures came in sligh...
04/11/2009Earnings/sales releases
Clariant’s sales dropped by 19% (-14...
25/09/2009Other news/comments
Clariant has announced the standing ...
31/07/2009Latest
In the second quarter of the current b...
Summary Key Data
Updated :
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 12.0 -12.0
Dividend yield (%) 0.00 0.00
EV/EBITDA (x) 4.59 6.17
AlphaValue EPS (CHF) 0.76 -0.61
Dividend (CHF) 0.00 0.00
Sales (CHFM) 8,071 6,614
EBITDA (CHFM) 793 418
Attributable net profit (CHFM) -45.0 -206
ROE (after tax) (%) -1.69 -10.9
ROCE (%) 12.3 6.25
Gearing (%) 69.6 47.6
Next Div. Indic CHF 0.00 payment
Target
Price (CHF) 13.8
Target Price (CHF)
Market Cap (CHFM) 3,174
Perf. 1W: 5.11 %
Perf. 1M: -1.85 %
Perf. 3M: 4.63 %
Perf Ytd: 12.8 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
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Businesses & Trends
Clariant, a Basle-based, Swiss but global-focused speciality chemicals company, was founded from the break-up of the former San... Read More
Money Making
As a Swiss-based company Clariant reports in CHF and generates approximately 2% of sales in CHF but more than 44% (2009: 51... Read More
Valuation
Management has taken action and the cost savings/efficacy projects are expected to show their first effects in 2010. The company'... Read More
Analyst: Martin Schnee
Concepts
Business concepts
  • Brand building
  • B to B
  • Marginal capacity play
Investment Concepts
  • Business recovery
  • Management change
  • Acquisition based growth
Story Trigger
  • M&A related
  • Execution hiccup
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