Stock 1COV COVESTRO
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Financials Covestro LIQUIDNET SYSTEMS

Equities

1COV

DE0006062144

Commodity Chemicals

Delayed LIQUIDNET SYSTEMS
Other stock markets
 		5-day change 1st Jan Change
- EUR -.--% Intraday chart for Covestro -.--% -.--%
05-03 Moody's Affirms Rating, Outlook on Germany's Covestro MT
05-02 Berenberg lowers target for Covestro to 50 euros - 'Hold' DP

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,573 9,746 10,463 7,060 9,943 8,950 - -
Enterprise Value (EV) 1 8,562 10,102 11,868 9,494 12,430 11,248 11,138 10,754
P/E ratio 13.7 x 20.4 x 6.48 x -25.7 x -50.2 x 76.8 x 17.6 x 13.1 x
Yield 5.79% 2.58% 6.27% - - 1.23% 2.87% 3.3%
Capitalization / Revenue 0.61 x 0.91 x 0.66 x 0.39 x 0.69 x 0.61 x 0.57 x 0.55 x
EV / Revenue 0.69 x 0.94 x 0.75 x 0.53 x 0.86 x 0.77 x 0.71 x 0.66 x
EV / EBITDA 5.34 x 6.86 x 3.85 x 5.87 x 11.5 x 8.45 x 6.49 x 5.45 x
EV / FCF 18.1 x 19.1 x 8.31 x 68.8 x 53.6 x 53.9 x 18.7 x 14.3 x
FCF Yield 5.52% 5.25% 12% 1.45% 1.87% 1.85% 5.34% 7.01%
Price to Book 1.45 x 1.74 x 1.87 x 0.98 x 1.51 x 1.35 x 1.24 x 1.17 x
Nbr of stocks (in thousands) 182,705 193,065 193,049 193,161 188,740 188,740 - -
Reference price 2 41.45 50.48 54.20 36.55 52.68 47.42 47.42 47.42
Announcement Date 20-02-19 21-02-23 22-03-01 23-03-02 24-03-12 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 12,412 10,706 15,903 17,968 14,377 14,695 15,673 16,347
EBITDA 1 1,604 1,472 3,085 1,617 1,080 1,331 1,715 1,974
EBIT 1 852 696 2,262 267 186 504.2 835.6 1,073
Operating Margin 6.86% 6.5% 14.22% 1.49% 1.29% 3.43% 5.33% 6.57%
Earnings before Tax (EBT) 1 761 605 2,185 130 73 367 778.2 1,063
Net income 1 552 459 1,616 -272 -198 117 575.7 782
Net margin 4.45% 4.29% 10.16% -1.51% -1.38% 0.8% 3.67% 4.78%
EPS 2 3.020 2.480 8.370 -1.420 -1.050 0.6176 2.689 3.624
Free Cash Flow 1 473 530 1,429 138 232 208.6 594.5 753.5
FCF margin 3.81% 4.95% 8.99% 0.77% 1.61% 1.42% 3.79% 4.61%
FCF Conversion (EBITDA) 29.49% 36.01% 46.32% 8.53% 21.48% 15.67% 34.66% 38.16%
FCF Conversion (Net income) 85.69% 115.47% 88.43% - - 178.32% 103.25% 96.36%
Dividend per Share 2 2.400 1.300 3.400 - - 0.5824 1.360 1.564
Announcement Date 20-02-19 21-02-23 22-03-01 23-03-02 24-03-12 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 4,302 4,338 4,683 4,703 4,618 3,964 3,743 3,720 3,568 3,346 3,510 3,688 3,852 3,809 -
EBITDA 1 862 663 806 547 302 -38 286 385 277 132 273 357 390 322 -
EBIT 654 445 589 307 66 -695 39 166 - -90 - 142 175 105 -
Operating Margin 15.2% 10.26% 12.58% 6.53% 1.43% -17.53% 1.04% 4.46% - -2.69% - 3.85% 4.54% 2.76% -
Earnings before Tax (EBT) 634 435 561 263 26 -720 10 130 - -103 - 108 140 66 -
Net income 1 472 302 416 199 12 -899 -26 46 -31 -187 -35 27.93 43.82 28.02 -
Net margin 10.97% 6.96% 8.88% 4.23% 0.26% -22.68% -0.69% 1.24% -0.87% -5.59% -1% 0.76% 1.14% 0.74% -
EPS 2 2.440 1.580 2.150 1.040 0.0600 -4.700 -0.1400 0.2400 -0.1600 -0.9900 -0.1900 0.1476 0.2320 0.1492 -
Dividend per Share 2 - 3.400 - - - - - - - - - - - - -
Announcement Date 21-11-09 22-03-01 22-05-03 22-08-02 22-10-25 23-03-02 23-04-28 23-08-01 23-10-27 24-03-12 24-05-02 - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 989 356 1,405 2,434 2,487 2,298 2,188 1,804
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.6166 x 0.2418 x 0.4554 x 1.505 x 2.303 x 1.727 x 1.276 x 0.9137 x
Free Cash Flow 1 473 530 1,429 138 232 209 594 754
ROE (net income / shareholders' equity) 10.5% 8.49% 24.3% -3.68% -2.9% 1.75% 7.18% 9.7%
ROA (Net income/ Total Assets) 4.89% 3.76% 11.3% -1.8% -1.4% 0.64% 3.91% 5.35%
Assets 1 11,300 12,221 14,248 15,078 14,111 18,311 14,722 14,628
Book Value Per Share 2 28.50 29.00 29.00 37.30 34.90 35.10 38.10 40.50
Cash Flow per Share 2 7.570 6.670 11.40 5.080 5.280 5.280 7.320 8.770
Capex 1 910 704 764 832 765 798 871 922
Capex / Sales 7.33% 6.58% 4.8% 4.63% 5.32% 5.43% 5.56% 5.64%
Announcement Date 20-02-19 21-02-23 22-03-01 23-03-02 24-03-12 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Covestro

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
47.42 EUR
Average target price
52.93 EUR
Spread / Average Target
+11.62%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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