Jefferies Holds Evonik, Targets €15.10, 12.6% Downside

Jefferies upgraded Evonik to “hold” from “underperform” and raised price target to €15.10, 12.6% below current €17.27 price.
FY26 EBITDA estimate lifted 3% to €1.86bn, FY27 trimmed to €1.85bn, both 4‑5% under consensus.
Methionine spreads over 90% above medium‑term average; €0.1/kg price rise adds €60m EBITDA, YTD prices €0.7/kg higher.
Jefferies values Evonik at €12.40 DCF and €17.80 SOTP, notes 28% EV/EBITDA discount to peers and dividend coverage >200% FY27.