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Lanxess is a management holding company, engaged in chemicals enterprise with a portfolio ranging from polymers to industrial, specialty and fine chemicals. Co. has three segments, which comprise 14 business units. Co.'s Performance Polymers segments include five units, Butyl Rubber, Performance Butadiene Rubbers, Keltan Elastomers, High Performance Elastomers, and High Performance Materials. Advanced Intermediates segments include two units, Advanced Industrial Intermediates, and Saltigo. Performance Chemicals segments, include seven units, Material Protection Products, Inorganic Pigments, Functional Chemicals, Leather, Rhein Chemie, Rubber Chemicals, and Liquid Purification Technologies.
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
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As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
No-moat Lanxess reported solid results in the first quarter with EBITDA up 2% over 2018 and margins improving slightly despite its high exposure to the automotive industry, Europe, and China. The company quantified its 2019 guidance, which is for EBITDA of EUR 1.0 to EUR 1.05 billion, roughly flat over the previous year. This is broadly in line with our view and consensus, hence, the stock is having a muted reaction to results. Nothing in the quarter has altered our long-term thesis. Consequently, we maintain our EUR 61 fair value estimate. At current levels, the shares look undervalued. Our ...
No-moat Lanxess reported solid results in the first quarter with EBITDA up 2% over 2018 and margins improving slightly despite its high exposure to the automotive industry, Europe, and China. The company quantified its 2019 guidance, which is for EBITDA of EUR 1.0 to EUR 1.05 billion, roughly flat over the previous year. This is broadly in line with our view and consensus, hence, the stock is having a muted reaction to results. Nothing in the quarter has altered our long-term thesis. Consequentl...
The independent financial analyst theScreener just awarded an improved star rating to LANXESS AG (DE), active in the Commodity Chemicals industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April 5, 2019, the closing price was EUR 52.54 and its expected value was estimated at EUR 48.71.
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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