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Trinseo

$48.54

-2.78 (-5.42%)

16:35
01/22/19
01/22
16:35
01/22/19
16:35

Trinseo cuts Q4 adj. EPS view to 20c-27c from $1.27-$1.46, consensus $1.23

Cuts Q4 adjusted EBITDA view to $63M-$67M from $110M-$120M. Rapidly declining feedstocks prices, particularly in the latter half of the fourth quarter, are expected to result in an unfavorable pre-tax net timing impact of approximately $28 million, primarily in Feedstocks and Polystyrene. Previously issued guidance for the fourth quarter of 2018 assumed no net timing impacts. Large net timing impacts can occur in quarters that experience significant movements in raw material prices, particularly styrene, benzene, and butadiene. Over longer periods of time, the effect of these timing impacts tend to offset as raw material prices move up and down. Fourth quarter operating results are also expected to be negatively impacted by inventory destocking from customers and delayed orders caused by macroeconomic dynamics in China and falling feedstock prices, as well as continued weakness in the automotive and tire markets. The severity of these weak market conditions in November and December was greater than previously expected. In addition, an unplanned outage at the Company's styrene plant in Terneuzen, the Netherlands occurred in December, and is expected to negatively impact results by approximately $7 million in the fourth quarter. The plant restarted successfully in early January. Also, the Company announced a reduction in force in its Synthetic Rubber segment during the fourth quarter. This action is anticipated to result in cost savings of approximately $2 million in 2019 and $3 million annually thereafter. The Company expects to incur a pre-tax charge of approximately $5 million in the fourth quarter related to this action, which will be treated as an add back in the calculation of Adjusted EBITDA.

TSE Trinseo
$48.54

-2.78 (-5.42%)

12/07/18
JEFF
12/07/18
DOWNGRADE
Target $55
JEFF
Hold
Trinseo downgraded to Hold from Buy at Jefferies
Jefferies analyst Laurence Alexander downgraded Trinseo to Hold and lowered his price target for the shares to $55 from $80. The analyst is now more cautious on the Chemicals space, saying he expects recession risk signals to continue emerging over the next few quarters. He believes the restock cycle after the Chinese New Year could be balanced by deceleration in U.S. end-markets in the second half of 2019 and 2020.
11/15/18
SBSH
11/15/18
UPGRADE
Target $58
SBSH
Buy
Citi upgrades Trinseo to Buy on favorable risk/reward post selloff
Citi analyst Eric Petrie upgraded Trinseo to Buy from Neutral with an unchanged price target of $58. The analyst sees a favorable risk/reward following the recent pullback in the shares. The "knee-jerk" reaction to an initial investigation for potential violation of antitrust rules into styrene purchasing activity by the European Commission that could result in assessed fines is likely overdone, Petrie tells investors in a research note. The analyst says his basic fine estimate range of $135M-$180M is below investors' worst-case scenario at 10% of overall sales and that his assumptions could prove to be aggressive.
11/15/18
SBSH
11/15/18
UPGRADE
Target $58
SBSH
Buy
Trinseo upgraded to Buy from Neutral at Citi
Citi upgraded Trinseo to Buy with a $58 price target.
11/13/18
TUDR
11/13/18
DOWNGRADE
TUDR
Hold
Trinseo downgraded to Hold from Buy at Tudor Pickering

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