Preliminary FY figures were slightly above our expectations and consensus expected higher pre-EBIT profitability. Revenues are expected to move up by +3% to €14,575m and EBIT pre-one offs meandered from €1,502m to €1,525m. Management confirmed its 2020 target (Paints and Coatings: 15%, ROS; ROI >25%; Speciality Chemicals: 16% ROS, ROI >20%), which does not include unallocated corporate costs and assumes no significant market disruption. The FY report will be available on
08 Feb 2018
Beaten, but unconvincing
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Beaten, but unconvincing
Preliminary FY figures were slightly above our expectations and consensus expected higher pre-EBIT profitability. Revenues are expected to move up by +3% to €14,575m and EBIT pre-one offs meandered from €1,502m to €1,525m. Management confirmed its 2020 target (Paints and Coatings: 15%, ROS; ROI >25%; Speciality Chemicals: 16% ROS, ROI >20%), which does not include unallocated corporate costs and assumes no significant market disruption. The FY report will be available on