Clariant AG (CLZNY)
適正価値ファンダメンタル
49
株価
$10.45
時価総額
$3.55B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
需要を左右する要因
中程度の景気循環性Care 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
BASF is the only rival that meets Clariant in all three of its business units at once, selling personal- and home-care ingredients, process catalysts for syngas and petrochemicals, and adsorbents to the same industrial buyers.
Evonik's Consumer Specialties and Coatings & Additives units sell surfactants and care ingredients to the same cosmetics, detergent and coatings formulators that Clariant's Care Chemicals and Additives businesses supply.
Croda competes head-on with Clariant's Care Chemicals unit in surfactants and speciality ingredients for personal care and crop protection formulations.
Lanxess sells flame retardants, lubricant additives and preservatives for home and personal care into the same additive and consumer-protection markets as Clariant's Additives business.
Spun out of AkzoNobel and privately held, Nouryon supplies surfactants and speciality ingredients for cleaning, personal care and agriculture, bidding for the same formulator accounts as Clariant Care Chemicals.
貸借対照表と流動性
売上高
$3.77B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$-31M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$214M
自己資本合計
$2.02B
負債合計
$2.13B
流動比率
1.77
利払い倍率
-
負債/EBITDA
3.77
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$9.86
現在株価
$10.45
安全マージン
-6.0%
適正価値レンジ
$9.26 - $10.47
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-0.0%
P/B レシオ
1.74
P/FCF
16.53
粗利益率
31.0%
ROIC
7.6%
収益性レーダー
価値創造（経済的モート）
ROIC
7.6%
WACC
6.6%
ROIC − WACC
+1.0 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（10）
- ROIC 7.6%
- Gross Margin 31.0%
- P/FCF 16.53
- P/B Ratio 1.74
- Debt/Equity ratio
- Operating Margin 10.7%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 59% Buy
不合格（8）
- Price CAGR -5.32%
- CapEx intensity
- DCF valuation (Fairly valued)
- ROE -1.5%
- Revenue Growth 5Y 0.3%
- Earnings Surprise avg -6.6%
- Net Margin Trend -1.9% vs 5.9%
- Piotroski F-Score 2/9
データなし（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-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
10
取締役会リスク
1
報酬リスク
5
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for CLZNY, sourced from Markets Gazette.