Clariant Revising Estimates Post 1Q26

Goldman Sachs maintains a Sell rating on Clariant following a 1Q26 EBITDA miss caused by geopolitical impacts on the Catalysts division. Estimates for FY26 have been trimmed due to lower expected operating leverage and margin pressure.

Key Takeaways

• 1.Clariant reported a 1Q26 EBITDA miss, primarily driven by its Catalysts division due to feedstock shortages linked to Middle East conflicts.
• 2.Goldman Sachs has revised FY26 Adj. EBITDA estimates down by 1%, forecasting a margin of 16.1%, which is significantly below company guidance of ~18%.
• 3.The firm maintains a Sell rating and a 12-month price target of SFr 7.50, citing downside risks and reduced operating leverage in Catalysts.

Table of Contents

• Valuation & risks
• Valuation
• Risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial