13.04.2021 Covestro AG  DE0006062144

DGAP-Adhoc: Covestro AG: Raised earnings outlook for 2021


 

DGAP-Ad-hoc: Covestro AG / Key word(s): Change in Forecast/Preliminary Results
Covestro AG: Raised earnings outlook for 2021

13-Apr-2021 / 19:36 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Covestro is raising its forecast for EBITDA, free operating cash flow (FOCF) and return on capital employed (ROCE) for fiscal year 2021 as a result of a better than previously expected business development. The new expectation exceeds the previously provided forecast as well as current capital market expectations.

Capital market expectations are based on the average values of the latest consensus estimates of financial analysts, published by Vara Research on April 12, 2021.

Covestro adjusts its forecast for fiscal year 2021 as follows:

  • EBITDA is expected to be between EUR 2,200 million and EUR 2,700 million. The previous forecast projected EBITDA between EUR 1,700 million and EUR 2,200 million. The adjustment of the forecast mainly results from a better than expected margin development in the first half of the year. The consensus expects this figure to be EUR 2,206 million.
     
  • Core volume growth is expected - unchanged - to be between 10% and 15%, of which around 6 percentage points are attributable to the acquisition of the Resins & Functional Materials (RFM) business.
  • Free operating cash flow (FOCF) is expected to be between EUR 1,300 million and EUR 1,800 million. The previous forecast projected FOCF between EUR 900 million and EUR 1,400 million. The adjustment of the forecast mainly results from the increased forecast for EBITDA. The consensus expects this figure to be EUR 1,037 million.
     
  • Return on capital employed (ROCE) is expected to be between 12% and 17%. The previous forecast projected ROCE between 7% and 12%. The adjustment of the forecast mainly results from the increased forecast for EBITDA.

The increased EBITDA forecast is based on a preliminary EBITDA for Q1 2021 of EUR 743 million and an expected EBITDA for Q2 2021 between EUR 730 million and EUR 870 million.

The outlook factors in the acquisition of the Resins & Functional Materials (RFM) business of Koninklijke DSM N.V., Heerlen (Netherlands), which was closed on April 1, 2021, and the integration into the Coatings, Adhesives, Specialties segment. One-time costs that could arise in conjunction with the transformation program "LEAP" have not been considered.

The Q1 2021 interim statement will be published on April 28, 2021.

Forward-looking statements
This ad-hoc statement may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Contact for investors:
Ronald Köhler, Head of Investor Relations
Phone: +49 214 6009 5098
E-mail: [email protected]

Contact for media:
Lars Boelke, Global Corporate Media Relations
Phone: +49 1522 8860494
E-mail: [email protected]


13-Apr-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Covestro AG
Kaiser-Wilhelm-Allee 60
51373 Leverkusen
Germany
Phone: +49 (0) 214 60095098
Fax: +49 (0) 214 60097002
E-mail: [email protected]
Internet: www.covestro.com
ISIN: DE0006062144
WKN: 606214
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1184346

 
End of Announcement DGAP News Service

1184346  13-Apr-2021 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 11.904,00 14.138,00 14.616,00 12.412,00 10.706,00 15.903,00 15.700,00
EBITDA1,2 2.014,00 3.435,00 3.200,00 1.604,00 1.472,00 3.085,00 1.840,00
EBITDA-Marge3 16,92 24,30 21,89 12,92 13,75 19,40 11,72
EBIT1,4 1.331,00 2.808,00 2.580,00 852,00 696,00 2.262,00 1.280,00
EBIT-Marge5 11,18 19,86 17,65 6,86 6,50 14,22 8,15
Jahresüberschuss1 806,00 2.017,00 1.829,00 557,00 454,00 1.619,00 640,00
Netto-Marge6 6,77 14,27 12,51 4,49 4,24 10,18 4,08
Cashflow1,7 1.786,00 2.361,00 2.376,00 1.383,00 1.234,00 2.193,00 0,00
Ergebnis je Aktie8 3,93 9,93 9,46 3,02 2,48 8,37 3,20
Dividende8 1,35 2,20 2,40 2,40 1,30 3,40 1,70
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
Covestro
WKN Kurs in € Einschätzung Börsenwert in Mio. €
606214 33,190 Halten 6.412,31
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,22 12,00 0,77 6,86
KBV KCV KUV EV/EBITDA
0,91 2,92 0,40 3,08
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
Hauptversammlung
1,30 3,40 10,24 19.04.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
03.05.2022 02.08.2022 25.10.2022 01.03.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-9,61% -28,13% -38,76% -39,30%
    
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Chemie , 606214 , 1COV , XETR:1COV