Corporate overview
The company on a page, from the filings
A global manufacturer of specialty chemicals and advanced materials, operating across adhesive solutions, advanced materials, coating solutions and intermediates.
20,355
Full-time employees
FY2022
55
Countries of operation
148 production plants
1,800
Researchers
16 R&D centres
~2.3%
of sales on R&D
FY2022
Key developments2023
28 JulConfirms 2023 guidance, EBITDA EUR 1.5-1.6bnfiling
28 JunAcquires 54% of PI Advanced Materials, EUR 730Mfiling
23 MayLaunches EUR 1,200.7M buyback, 10% of capitalfiling
ABI Nexa research, from company filings.
Company overview
The business, written from the filings
Arkema is a global manufacturer of specialty chemicals and advanced materials, founded in 2003 and headquartered in Colombes, France. It supplies adhesive solutions for construction, industry and packaging, performance polymers and additives across applications, and coating solutions for decorative and industrial paints, alongside products for automotive, textiles, water treatment and electronics.
The business runs across four segments, Adhesive Solutions, Advanced Materials, Coating Solutions and Intermediates, which made up roughly 28.5%, 37.5%, 25% and 9% of group sales in the second quarter of 2023.
An editorial rewrite of the filed business description. ABI Nexa research, from company filings.
Business segments
Revenue and EBITDA, by segment
Each business segment sized on its own revenue and EBITDA, so the largest earner is visible rather than blended into a group total.
Segment breakdown, FY2022EUR Mn
| Segment | Revenue | % rev | EBITDA | % EBITDA |
|---|
| Advanced Materials | 4,341 | 37.6% | 941 | 44.6% |
| Coating Solutions | 3,250 | 28.1% | 593 | 28.1% |
| Adhesive Solutions | 2,898 | 25.1% | 366 | 17.3% |
| Intermediates | 1,020 | 8.8% | 306 | 14.5% |
| Group | 11,509 | 100% | 2,206 | 100% |
Advanced Materials is the largest contributor to both revenue and EBITDA. ABI Nexa research.
Segment overviews
What each segment actually does
Adhesive Solutions makes adhesives for automotive, transportation, electronics and more, expanded through the 2015 Bostik acquisition. FY22 revenue EUR 2,898M, EBITDA EUR 366M.
Advanced Materials produces lightweight materials and renewable-energy solutions across High Performance Polymers and Performance Additives, the largest segment. FY22 revenue EUR 4,341M, EBITDA EUR 941M.
Coating Solutions covers decorative and industrial coatings, 3D printing and electronics. FY22 revenue EUR 3,250M, EBITDA EUR 593M.
Intermediates supplies intermediate chemicals for plastics, pharmaceuticals and agrochemicals, now Fluorogases and Asia Acrylics after the 2021 PMMA sale. FY22 revenue EUR 1,020M, EBITDA EUR 306M.
ABI Nexa research, from company filings.
Comparable trading multiples
The peer set, trading at a discount
The comparable set on current multiples, every figure one click from its filing, with the mean and median so a premium or discount is obvious.
Peer comparablesUSD Mn, 2023E multiples
| Name | Country | Mkt cap | EV/EBITDA | P/E |
|---|
| LANXESS | Germany | 2,616 | 8.55x | 19.31x |
| Solvay | Belgium | 11,771 | 4.12x | 7.45x |
| Akzo Nobel | Netherlands | 13,888 | 11.99x | 18.78x |
| Evonik | Germany | 8,991 | 4.47x | 16.64x |
| Covestro | Germany | 9,929 | 9.64x | 72.00x |
| Clariant | Switzerland | 5,142 | 8.24x | 16.91x |
| Johnson Matthey | UK | 3,624 | 6.01x | 9.55x |
| Umicore | Belgium | 6,532 | 7.39x | 13.80x |
| Croda | UK | 9,435 | 16.26x | 26.68x |
| Subject and benchmarks |
| Arkema | France | 7,876 | 5.97x | 10.80x |
| Peer mean | | | 9.03x | 22.35x |
| Peer median | | | 8.40x | 16.91x |
Arkema trades below the peer median on both EV/EBITDA and P/E. ABI Nexa research, from company filings.
Football field valuation
The valuation spread across every method
Every valuation method the platform computes, each shown as a range, so the spread of fair value is visible at a glance.
Per-share values in EUR, low to high by method. ABI Nexa research.
Intelligence OS
