DGAP-Adhoc: Covestro AG: Reduced earnings outlook for 2022
DGAP-Ad-hoc: Covestro AG / Key word(s): Change in Forecast
Covestro reduces its forecast for EBITDA, free operating cash flow (FOCF), return on capital employed over weighted average cost of capital (ROCE over WACC) and greenhouse gas emissions, measured via CO2 equivalents, for fiscal year 2022. This is a consequence of a recent significant further increase in energy costs and a further weakening global economy.
Covestro adjusts its forecast for fiscal year 2022 as follows:
In the second quarter 2022, Covestro EBITDA was EUR 547 million, which is slightly above the previous forecast between EUR 430 million and EUR 530 million. This was supported by a faster than expected normalization of the lockdown-burdened supply chain situation in China. The consensus expected this figure to be EUR 509 million. Second quarter 2022 FOCF was EUR -462 million. This included the bonus pay-out for the fiscal year 2021 of EUR 475 Mio. Third quarter 2022 EBITDA is expected to be between EUR 300 million and EUR 400 million. The financial report for the second quarter 2022 will be published on August 2, 2022. Capital market expectations are based on the average values of the latest consensus estimates of financial analysts, recently published by Vara Research on July 12, 2022. 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, Head of Media Relations Phone: +49 1522 8860494 E-mail: [email protected]
29-Jul-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
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: | 1409573 |
End of Announcement | DGAP News Service |
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1409573 29-Jul-2022 CET/CEST
Covestro AG Stock
Currently there is a rather positive sentiment for Covestro AG with 4 Buy predictions and 0 Sell predictions.
As a result the target price of 56 € shows a slightly positive potential of 1.01% compared to the current price of 55.44 € for Covestro AG.