Clariant AG (CLZNY)
NEUTRALFundamental
45
Kurs
$10.51
Marktkapitalisierung
$3.45B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Clariant makes specialty chemicals — ingredients and additives that go into other companies' products rather than finished goods sold directly to consumers. Its formulations end up in shampoos, detergents and cosmetics, in catalysts that refineries and chemical plants use to run reactions more efficiently, and in additives that keep plastics, coatings and other materials stable. Customers are industrial and consumer-goods manufacturers who need a specific chemical property, not a brand name.
Wie das Geld verdient wird
Revenue comes from selling formulated chemicals by volume at prices that reflect both the cost of raw materials — often oil-derived — and the performance the formulation delivers, so pricing power varies a lot by product: a proprietary catalyst commands a different margin than a commodity-like additive. The business runs through three units — Care Chemicals, Catalysts, and Adsorbents & Additives — each selling into different end industries with different demand cycles.
Was die Nachfrage antreibt
Mäßig zyklischCare Chemicals sells mostly into personal care and household products, which hold up reasonably well in a downturn, while Catalysts and Adsorbents & Additives depend more on industrial output and energy-sector investment, which is more sensitive to the economic cycle. The mix of the three units softens, but does not eliminate, Clariant's exposure to industrial demand swings.
Die Argumente dafür
Buyers argue that specialty formulations command better margins than commodity chemicals, that the EBITDA margin has improved for three straight years even as reported sales declined, and that a more focused three-unit portfolio after years of divestitures lets management run the business more efficiently.
Die Argumente dagegen
Sellers fear that flat-to-declining sales in local currency show weak underlying demand that margin gains from cost cutting cannot offset forever, that currency translation can erode reported results even when the underlying business is stable, and that Catalysts and Adsorbents & Additives remain exposed to industrial and energy cycles outside the company's control.
Written by the editors, published on 18. August 2026
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Bilanz & Liquidität
Umsatz
$3.77B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$-31M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
$214M
Gesamtes Eigenkapital
$2.02B
Gesamtverbindlichkeiten
$2.13B
Current Ratio
1.77
Zinsdeckungsgrad
-
Schulden/EBITDA
3.77
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$10.08
Aktueller Kurs
$10.51
Sicherheitsmarge
-4.3%
Innerer-Wert-Spanne
$9.34 - $10.82
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
-
ROE
-0.0%
P/B-Verhältnis
1.72
P/FCF
16.10
Bruttomarge
31.0%
ROIC
7.6%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
7.6%
WACC
6.7%
ROIC − WACC
+0.9 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamentalanalyse-Kriterien
Bestanden (9)
- ROIC 7.6%
- Gross Margin 31.0%
- P/FCF 16.10
- P/B Ratio 1.72
- Debt/Equity ratio
- Operating Margin 10.7%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
Nicht bestanden (9)
- Price CAGR -5.38%
- CapEx intensity
- DCF valuation (Fairly valued)
- ROE -1.5%
- Revenue Growth 5Y 0.3%
- Analyst Consensus 38% Buy
- Earnings Surprise avg -6.6%
- Net Margin Trend -1.9% vs 5.9%
- Piotroski F-Score 2/9
Nicht verfügbar (9)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Niedrige Qualität: Rechnungslegung prüfen
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Conrad Keijzer | Chief Executive Officer | 57 |
| Mr. Oliver Rittgen | Chief Financial Officer | - |
| Mr. Richard Haldimann Ph.D. | Chief Strategy & Technology Officer | - |
| Mr. Andreas Schwarzwaelder | Head of Investor Relations | - |
| Dr. Judith Bischoff | General Counsel & Head of Group Legal Services | 51 |
| Kai Rolker | Head of Group Communications | - |
| Priya Thaman | Chief Human Resources Officer | - |
| Mr. Joachim Krüger | Head of Corporate Sustainability & Regulatory Affairs | - |
| Monica Ferreira | Region Head of Latin America | - |
| Mr. Christian Vang | President of BU Care Chemicals & Americas Region | - |
Prüfungsrisiko
10
Vorstandsrisiko
1
Vergütungsrisiko
5
Aktionärsrechterisiko
9
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for CLZNY, sourced from Markets Gazette.