2025-06-13-Jefferies-赢创（EVK）_与赢创首席财务官的炉边谈话邀请_7页_102kb

Equity Research Summary: Evonik Industries

• Event: Fireside chat scheduled for Monday, 16 June 2025, 14:00 BST (topics include business strategy, value creation, and €1 billion EBITDA target to 2027).
• Company: Evonik is a global specialty chemicals company operating in consumer goods, animal nutrition, and pharmaceuticals.
• Valuation: Current stock price €18.81, with €18.80 price target. Rating: UNDERPERFORM due to volatile methionine prices and end-market demands. Market cap: €8.8B.
• Risks: Methionine price volatility, challenges in Smart Materials/Specialty Additives segments.
• Key Drivers: Free cash flow generation, diversification beyond methionine to achieve organic growth and financial resilience.
• Analyst Certification: Each analyst confirms independence, with no compensation tied to this report.