GS sees uneven recovery for European chemicals; ups Clariant, cuts Akzo
** Goldman Sachs favours consumer ingredient and gasses cos over diversified chemicals and paint makers based on pricing power, as the European chemicals sector faces an uneven recovery
** GS notes Europe's STOXX chemicals sub-index .SX4P is up 13% from its October 2023 trough, but recovery for companies on it is going "even more unevenly" than it expected
** GS expects solid H1 beats from ingredients names driven by volume growth and supportive price vs cost dynamics
** Meanwhile, industrial-facing firms have disappointed even against muted volume expectations, it says
** For producers of gasses, better profitability should compensate for a softer top line growth, it adds
** GS upgrades Clariant CLN.S to "buy" from "neutral", saying it expects the Swiss group to pursue a strategy to reposition itself as a consumer-focused company
** It cuts paint maker Akzo Nobel AKZO.AS to "sell" from "neutral" on weaker volume outlook and tougher global pricing environment
GS'S RATINGS:
BUY | NEUTRAL | SELL |
|---|---|---|
Clariant, Lanxess LXSG.DE, DSM-Firmenich DSFIR.AS, Givaudan GIVN.S, Novonesis NSISb.CO, Air Liquide AIRP.PA | Arkema AKE.PA, BASF BASFn.DE, Evonik EVKn.DE, Croda CRDA.L | Symrise SY1G.DE, Akzo Nobel, Umicore UMI.BR |
Reporting by Anastasiia Kozlova and Amir Orusov
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