Arkema SA

AKE: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€952.00	Llxb	Tplxpykcc

Strong Beat for Arkema In Q1; Guidance Upgraded

Rob Hales

May 5, 2022

No-moat Arkema reported first-quarter EBITDA of EUR 619 million, up 73% versus 2021 and 30% above the company-compiled consensus. Given the strong start, the company raised 2022 EBITDA guidance to slightly above 2021 for specialty materials and the group from comparable to 2021 for specialty materials. Shares rose 6% intraday. We expect to boost our near-term estimates slightly but don’t expect to make a material change to our EUR 105 fair value estimate. At current levels, the shares look fairly valued.

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