CFRA cuts Arkema stock rating to sell, maintains EUR60 target

Published 08/05/2025, 18:14
CFRA cuts Arkema stock rating to sell, maintains EUR60 target

On Thursday, CFRA analyst Adrian Ng adjusted the rating for Arkema SA (OTC:ARKAY) (AKE:FP) (OTC:ARKAF), shifting from Hold to Sell, while keeping the price target steady at EUR60.00. The downgrade was prompted by Arkema (EPA:AKE)’s underwhelming cash flow performance, as the company reported a negative recurring cash flow of EUR138 million. This figure stands in stark contrast to the seasonal pattern of sales and a substantial alteration in working capital.

Arkema’s ambition to reach a recurring cash flow nearing EUR600 million by 2025 now seems increasingly ambitious, according to Ng’s assessment. The maintained price target is based on a 4.8x 2025 EV/EBITDA multiple, which is lower than the historical average of 5.3x, indicating potential challenges ahead due to transformation headwinds.

Furthermore, CFRA has revised its 2025 earnings per share (EPS) forecast for Arkema downward to EUR7.50, a decrease from the previous estimate of EUR8.00. However, the 2026 EPS estimate remains unchanged at EUR8.50, despite demand not meeting expectations. Arkema’s financial struggles are further highlighted by the adjusted net income for Q1 2025, which fell by 28.3% to EUR99 million. This decline was reflected in the adjusted EPS of EUR1.31, a significant drop from EUR1.84 in the prior year. The company’s financial performance indicates potential difficulties in achieving its cash flow targets in the coming years.

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