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Investing.com - BNP Paribas (OTC:BNPQY) Exane initiated coverage on Evonik Industries AG (ETR:EVKn) (ETR:EVK) (OTC:EVKIF) with an Outperform rating and a price target of EUR22.00.
The research firm views the current EV/EBITDA discount compared to peers as unjustified, citing Evonik’s more defensive profile and superior cash generation capabilities.
BNP Paribas Exane acknowledges bearish concerns about incoming pressure in the methionine market but argues the current share price fails to ascribe any value to Evonik’s methionine business.
The firm considers this valuation overly conservative given Evonik’s mid-cost curve position in methionine production and growth potential in that market.
Evonik was named BNP Paribas Exane’s preferred German cyclical stock in the research note.
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