The headline does not imply that Arkema is taking a nap, but another record race should not be expected and the step up is an inorganic one. The 2021 figures were a beat to consensus (sales: +4.2%; adjusted EBITDA: +6.0%).
Against the background of the war in Ukraine, we became less optimistic than management.
24 Feb 2022
After a strong catch-up follows a smaller step up
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After a strong catch-up follows a smaller step up
The headline does not imply that Arkema is taking a nap, but another record race should not be expected and the step up is an inorganic one. The 2021 figures were a beat to consensus (sales: +4.2%; adjusted EBITDA: +6.0%).
Against the background of the war in Ukraine, we became less optimistic than management.