美國化工業(yè)：市場(chǎng)盈利一覽

1、COREU.S. ChemicalsMarking To Market EarningsOn the back of our Chemical Experts conference last week, we update our commodity organic and inorganic estimates heading into 4Q reporting season.INDUSTRY UPDATEU.S. Chemicals POSITIVE UnchangedEquityResearch14 January2019Commonthemesacrossallthechainsinc

2、lude:a)theimpactofloweroil/inventory destocking, b) concerns around slowing Chinese growth numbers, and c) continued uncertaintyaroundglobaltrade.Ingeneral,publishednumbersneedtocomedown,Forafulllistofourratings,pricetargetand earningschangesinthisreport,pleasesee tableonpage2.butwithmanyofthestocks

3、downsignificantlyinthelast3months,thebuysidehas anticipatedameaningfulreductionalready.Foramoredetaileddiscussionaround specificproductchaintakeaways,pleaseseeourrecapnotefromlastweek: HYPERLINK /go/publications/content?contentPubID=FC2430506 Chem HYPERLINK /go/publications/content?contentPubID=FC24

4、30506 Experts 2019: Supply Side Holding Firm. (Published1/10/19).Valuation:Chemours(CC):OurPTof$48($54prior)isbasedon6.5x(6.0 xprior)our2019e adj.EBITDAof$1.7bn($1.9bnprior).DowDuPont(DWDP):OurPTof$62($68prior)isbasedupona9x(10 xprior) multipleappliedtoour2018eAdj.EBITDAof$18.4bn(unchanged).atman(M)

5、:Ourbaecae12-mnhpcetgtf$84($95p)sbadna10 xP/E(unchanged)multipleappliedtoour2019EEPSof$8.71($9.25prior).Huntsman(HUN):Ourpricetargetof$20($22prior)isbasedona8.5%FCFyield (unchanged)onour2019estimateof$400m($410mprior)+$1/shr($2prior)in valuefromHuntsmansequitystakeinVenator.Continued on pg. 3U.S. Ch

6、emicals Duffy Fischer+1 212 526 3212 HYPERLINK mailto:duffy.fischer duffy.fischer BCI, USMichael Leithead, CFA+1 212 526 0018 HYPERLINK mailto:michael.x.leithead michael.x.leithead BCI, USSean Gilmartin+1 212 526 1632 HYPERLINK mailto:sean.gilmartin sean.gilmartin BCI, USHoward Luo+1 212 526 2457 HY

7、PERLINK mailto:howard.luo howard.luo BCI, USCapitalInc.oneofdoesandseekstodoinitsresearchAsabeawarethatthe mayhaveaofthattheofconsiderthisasonlyafactorinmakingtheirPLEASE SEE ANALYST CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 20.Summary of our Ratings, Price Targets and Earnings Ch

8、anges in this Report (all changes are shown in bold)CompanyRatingOld NewPrice11-Jan-19OldPriceNewOldEPSFY1NewE)%ChgEPOldS FY2NewE)%ChgU.S. ChemicalsPosPos HYPERLINK /BC/composite/GER_COMPANY?ticker=CC Chemours (CC)OWOW33.8454.0048.00-115.645.53-26.355.54-13 HYPERLINK /BC/composite/GER_COMPANY?ticker

9、=DWDP DowDuPont (DWDP)EWEW55.2868.0062.00-94.034.0204.484.15-7 HYPERLINK /BC/composite/GER_COMPANY?ticker=EMN Eastman Chemical Co. (EMN)EWEW76.9095.0084.00-128.408.33-19.258.71-6 HYPERLINK /BC/composite/GER_COMPANY?ticker=HUN Huntsman Corporation (HUN)UWUW21.2422.0020.00-93.423.35-23.283.12-5 HYPERL

10、INK /BC/composite/GER_COMPANY?ticker=KRO Kronos (KRO)UWUW12.7716.0014.00-131.791.76-21.581.28-19 HYPERLINK /BC/composite/GER_COMPANY?ticker=LYB LyondellBasell Industries NV (LYB)OWOW86.00110.00103.00-611.8811.46-412.259.87-19 HYPERLINK /BC/composite/GER_COMPANY?ticker=MEOH Methanex (MEOH)EWEW54.9077

11、.0062.00-198.007.73-38.236.44-22 HYPERLINK /BC/composite/GER_COMPANY?ticker=MOS Mosaic (MOS)EWEW31.6439.0035.00-101.931.93-2.352.10-11 HYPERLINK /BC/composite/GER_COMPANY?ticker=NTR Nutrien (NTR)OWOW49.8770.0065.00-72.752.60-53.503.37-4 HYPERLINK /BC/composite/GER_COMPANY?ticker=OLN Olin Corporation

12、 (OLN)EWEW22.8924.0024.00-1.921.81-62.262.06-9 HYPERLINK /BC/composite/GER_COMPANY?ticker=TSE Trinseo (TSE)EWEW49.6364.0058.00-98.468.14-48.318.04-3 HYPERLINK /BC/composite/GER_COMPANY?ticker=TROX Tronox Inc. (TROX)OWOW9.5120.0012.00-400.710.64-100.860.74-14 HYPERLINK /BC/composite/GER_COMPANY?ticke

13、r=VNTR Venator Materials (VNTR)EWEW5.1311.006.00-452.262.06-91.390.70-50 HYPERLINK /BC/composite/GER_COMPANY?ticker=WLK Westlake Chemical (WLK)OWOW75.07100.0092.00-88.608.44-28.757.80-11Source:BarclaysResearch.SharepricesandtargetpricesareshownintheprimarylistingcurrencyandEPSestimatesareshowninther

14、eportingcurrency. FY1(E):CurrentfiscalyearestimatesbyBarclaysResearch.FY2(E):NextfiscalyearestimatesbyBarclaysResearch.StockRating:OW:Overweight;EW:EqualWeight;UW:Underweight;RS:RatingSuspended IndustryView:Pos:Positive;Neu:Neutral;Neg:NegativeValuation Continued.Kronons(KRO):Ourbasecase12monthprice

15、targetof$14($16prior)isbasedon6x (5xpreviously)our2019eadj.EBITDAof$285m($335mprior).LyondellBasell(LYB):Ourbasecase12-monthpricetargetof$103($110prior)isbasedon10 x (9x prior) forward P/E multiple applied to our 2019E EPS of $9.87 ($12.25 prior).Mthanx(MO):Ourprcetagtf$62($77p)sbasedupona6x(65xp)V

16、multipleappliedtoour2019EBITDAof$1bn($1.1bnprior).Mosaic (MOS): Our $35 ($39 prior) PT is based upon a 8x (unchanged) EV/EBITDA multiple applied to our 2019e Adj. EBITDA of $2.1bn (previously $2.3 bn).Nutrien(NTR):Our$65PT($70prior)isbasedona11x(unchanged)EV/EBITDAmultiple appliedtoour2019eAdj.EBITD

17、Aof$4.55bn($4.65bnprior).Olin(OLN):Ourpricetargetof$24(unchanged)isbasedupona6x(unchanged)EV multipleappliedtoour2019Adj.EBITDAof$1.3bn(unchanged).Trinseo(TSE):Our$58($64prior)pricetargetisbasedona5.5x(6xprior)EV/EBITDA multipleonour2019EadjustedEBITDAof$595m($610mprior).Tronox(TROX):OurPTof$12($20p

18、rior)isbasedonan6x(8xprior)multipleonour 2019eAdj.EBITDAestimateof$460mn($480mnprior)aswellasaweightedaverage probabilityoftheCristaldealclosingandpotentialdealaccretion.Venator(VNTR):OurPTof$6($11prior)isbasedupona5x(unchanged)EV/EBITDA multipleplacedonour2019EAdj.EBITDAestimateof$250mn($340mnprior

19、).Westlake(WLK):Ourpricetargetof$92($100prior)isbasedupon7xmultipleappliedto our2019Adj.EBITDAof$2.1bn($2.3bn).All valuation updates reflect our updates assumptions following our ChemExperts conference as well as some multiple compression seen across the Chemical sector.U.S. ChemicalsIndustry View:

20、POSITIVE HYPERLINK /go/BC/composite/GER_COMPANY?ticker=CC Chemours (CC)Stock Rating: OVERWEIGHTIncome statement ($mn)2017A2018E2019E2020ECAGRIncome statement ($mn)2017A2018E2019E2020ECAGRRevenue6,1846,6426,840N/AN/AEBITDA (adj)1,4211,7251,700N/AN/AEBIT (adj)1,1481,4411,392N/AN/APre-tax income (adj)9

21、331,2471,204N/AN/ANet income (adj)7511,012939N/AN/AEPS (adj) ($)3.935.535.54N/AN/ADiluted shares (mn)191.0183.0169.3N/AN/ADPS ($)0.260.841.00N/AN/AMargin and return dataAverageEBITDA (adj) margin (%)23.026.024.8N/A24.6EBIT (adj) margin (%)18.621.720.3N/A20.2Pre-tax (adj) margin (%)15.118.817.6N/A17.

22、2Net (adj) margin (%)N/A13.7ROIC (%)15.119.918.3N/A17.8ROA (%)12.715.914.7N/A14.4ROE (%)N/A31.6Balancesheetandcashflow($mn)CAGRTangible fixed assets3,0083,2723,439N/AN/AIntangible fixed assets166187187N/AN/ACash and equivalents1,5561,2421,008N/AN/ATotal assets7,2937,3687,378N/AN/AShort and long-term

23、 debt4,1123,9993,999N/AN/AOther long-term liabilities208463463N/AN/ATotal liabilities6,4286,2876,242N/AN/ANet debt/(funds)2,5562,7572,991N/AN/AShareholders equity8651,0811,136N/AN/AChange in working capital-89-70-62N/AN/ACash flow from operations6391,1361,105N/AN/ACapital expenditure-411-480-475N/AN

24、/AFree cash flow228656630N/AN/AValuation and leverage metricsAverageP/E (adj) (x)N/A6.9EV/sales (x)N/A1.4EV/EBITDA (adj) (x)N/A5.5EV/IC (x)N/A2.6Dividend yield (%)N/A2.1Net debt/EBITDA (adj) (x)N/A1.7Working capital/sales (%)12.612.813.3N/A12.9Selected operating metricsAverageSales/fixed assets (x)2

25、.12.02.0N/A2.0Capex/depreciation (x)N/A1.6Price TargetUSD 48.00 Why Overweight? Chemours offers deep asset valuationinasectorwhereveryfewqualityassetsare tradingmeaningfullybelowfairvalue.Webelieveits lowcostposition,troughingbusinesses,andcost- cuttingpotentialpost-spinfromDuPontcouldhelp unlockval

26、ueoverthenextfewyears.UpsidecaseUSD70.00 Our upside case is based on 9x our 2019 EBITDA of$1.7b.BetterthanexpectedfundamentalsinTiO2+ Fluoromarketsorfurtherdeleveraging,couldhelp support thiscase.Downside caseUSD 30.00 Ourdownsidecaseisbasedon5xour2019EBITDA estimateof$1.7b.DeclinesintheTiO2marketco

27、uld helpsupportthiscaseorweakerFluorogrowth.Chemourscouldalsotradenearthislevelifriskfrom additionallegalcases(similartoPFOA)weretoarise.Upside/Downside scenariosU.S. ChemicalsIndustry View: POSITIVE HYPERLINK /go/BC/composite/GER_COMPANY?ticker=DWDP DowDuPont (DWDP)Stock Rating: EQUAL WEIGHTIncome

28、statement ($mn)2017A2018E2019E2020ECAGRIncome statement ($mn)2017A2018E2019E2020ECAGRRevenue79,53586,88289,834N/AN/AEBITDA (adj)16,16618,35118,750N/AN/AEBIT (adj)11,73913,67614,018N/AN/APre-tax income (adj)10,25612,07612,362N/AN/ANet income (adj)7,9899,3039,262N/AN/AEPS (adj) ($)3.414.024.15N/AN/ADi

29、luted shares (mn)2,346.12,314.62,234.1N/AN/ADPS ($)0.381.521.52N/AN/AMargin and return dataAverageEBITDA (adj) margin (%)20.321.120.9N/A20.8EBIT (adj) margin (%)14.815.715.6N/A15.4Pre-tax (adj) margin (%)12.913.913.8N/A13.5Net (adj) margin (%)10.010.710.3N/A10.4ROIC (%)16.118.718.7N/A17.8ROA (%)N/A5

30、.6ROE (%)N/A2.3Price TargetUSD 62.00 WhyEqualWeight?OurEWcallreflectsabalanced risk-reward,asweseeimprovingunderlyingcyclical fundamentalsandfairvaluationmetwithcontinued uncertainty regarding management direction and synergyrealization.Upside caseUSD 80.00 Webelievethereisupsideto$80(11xour2019 EBI

31、TDAest.)ifCEOBreenisagreaterchangeagent thanwecurrentlyforecast(thrusynergies,culture,spinstructure)orweseesignificantmacro accelerationinDWDPscyclicalbusinesses.Downside caseUSD 50.00 Ourdownsidecaseof$50(8xour2019EBITDAest.) ispredicatedonaweakermandatebyCEOBreenthan investors currently believe or

32、 a deeper trough inBalance sheet and cash flow ($mn)CAGRDWDPs cyclical businesses.Tangiblefixedassets36,247IntangiblefixedassetsN/A35,170N/A34,938N/AN/A N/AN/A N/AUpside/Downside scenariosCashandequivalents14,3945,4803,807N/AN/ATotalassets192,164182,722179,518N/AN/AShortandlong-termdebt34,07135,1683

33、5,168N/AN/AOtherlong-termliabilities15,47214,44814,448N/AN/ATotalliabilities90,23784,09782,378N/AN/ANetdebt/(funds)19,67729,68831,361N/AN/AShareholdersequity101,92798,62497,141N/AN/AChangeinworkingcapital3,847-2,780-421N/AN/ACashflowfromoperations10,77794112,223N/AN/ACapitalexpenditure-4,213-3,683-4

34、,500N/AN/AFreecashflow9,092-53210,423N/AN/AValuation and leverage metricsAverageP/E(adj)(x)16.213.813.3N/A14.4EV/sales(x)N/A1.8EV/EBITDA(adj)(x)N/A8.8EV/IC(x)N/A3.1Dividendyield(%)N/A2.1Netdebt/EBITDA(adj)(x)N/A1.5Workingcapital/sales(%)26.427.427.0N/A26.9Selected operating metricsAverageSales/fixed

35、assets(x)N/A2.4Capex/depreciation(x)1.00.81.0N/A0.9U.S. ChemicalsIndustry View: POSITIVE HYPERLINK /go/BC/composite/GER_COMPANY?ticker=EMN Eastman Chemical Co. (EMN)Stock Rating: EQUAL WEIGHTIncome statement ($mn)2017A2018E2019E2020ECAGRPrice (11-Jan-2019)USD76.90Revenue9,54910,19110,580N/AN/APriceT

36、argetUSD84.00 EBITDA (adj)2,2182,2782,300N/AN/AWhy Equal Weight? Eastman has reshaped itsEBIT (adj)1,6311,6791,697N/AN/AportfoliofocusingonhighermarginandlesscyclicalPre-tax income (adj)1,3961,4431,475N/AN/Abusinesses,whichalongwithstrongFCFgenerationNet income (adj)1,1121,1921,196N/AN/Aandimproving

37、returnsoncapitalshouldleadtoaEPS (adj) ($)7.618.338.71N/AN/Ahigher valuation multiple as well.Diluted shares (mn)146.0143.1137.4N/AN/ADPS ($)2.022.212.43N/AN/AUpsidecaseUSD115.00 Margin and return dataAverageOurupsidecaseof$115isbasedona13xforwardP/Emultipleonour2019EEPSof$8.71.ThisassumesEBITDA (ad

38、j) margin (%)23.222.421.7N/A22.4continuedglobaleconomicgrowth,coupledwithstable energy and raw material costs.EBIT (adj) margin (%)17.116.516.0N/A16.5Pre-tax (adj) margin (%)14.614.213.9N/A14.2DownsidecaseUSD65.00Net (adj) margin (%)11.611.711.3N/A11.6Ourdownsidecaseof$65isbasedona8xmultipleROIC (%)

39、9.610.210.2N/A10.0applied to our bear case 2019e EPS of $8.71,ROA (%)8.18.719.7N/A12.2assumingtheoutlookonglobaleconomicgrowthandROE (%)N/A5.7manufacturing costs becomes less favorable.Balance sheet and cash flow ($mn)CAGRUpside/Downside scenariosTangible fixed assets5,6075,5785,475N/AN/AIntangible

40、fixed assets6,7626,7086,708N/AN/ACash and equivalents19194103N/AN/ATotal assets15,99915,93815,966N/AN/AShort and long-term debt6,5406,4266,126N/AN/AOther long-term liabilities1,4971,4521,452N/AN/ATotal liabilities10,51910,35510,121N/AN/ANet debt/(funds)6,3496,3326,023N/AN/AShareholders equity5,4945,

41、9566,219N/AN/AChange in working capital20315856N/AN/ACash flow from operations1,6991,7891,799N/AN/ACapital expenditure-649-536-500N/AN/AFree cash flow8471,0951,243N/AN/AValuation and leverage metricsAverageP/E (adj) (x)N/A9.4EV/sales (x)N/A1.7EV/EBITDA (adj) (x)8.07.77.5N/A7.8EV/IC (x)N/A1.4Dividend

42、 yield (%)N/A2.9Net debt/EBITDA (adj) (x)N/A2.8Working capital/sales (%)13.714.414.4N/A14.1Selected operating metricsAverageVolume growth (%)2.6N/AN/AN/A2.5Price growth (%)1.4N/AN/AN/A1.4Acquisition growth (%)0.0N/AN/AN/A0.0Currency growth (%)-0.4N/AN/AN/A-0.4Sales/fixed assets (x)N/A1.8Capex/deprec

43、iation (x)N/A0.9Source:Companydata,BarclaysResearch Note:FYEndDecU.S. ChemicalsIndustry View: POSITIVE HYPERLINK /go/BC/composite/GER_COMPANY?ticker=HUN Huntsman Corporation (HUN)Stock Rating: UNDERWEIGHTIncome statement ($mn)2017A2018E2019E2020ECAGRIncome statement ($mn)2017A2018E2019E2020ECAGRReve

44、nue8,3589,2159,4339,7885.4%EBITDA (adj)1,2591,4691,4001,4565.0%EBIT (adj)9401,1351,0601,1165.9%Pre-tax income (adj)7751,0199409968.7%Net income (adj)6048117147577.8%EPS (adj) ($)2.483.353.123.4912.2%Diluted shares (mn)244.0241.7228.7216.7-3.9%DPS ($)0.500.610.801.0427.5%Margin and return dataAverage

45、EBITDA (adj) margin (%)15.115.914.814.915.2EBIT (adj) margin (%)11.212.311.211.411.5Pre-tax (adj) margin (%)9.311.110.010.210.1Net (adj) margin (%)7.77.8ROIC (%)6.56.5ROA (%)6.56.5ROE (%)24.327.222.623.224.3Balancesheetandcashflow($mn)CAGRTangible fixed assets3,0983,0502,8682,888-2.3%Intangible fixe

46、d assets19650746746733.5%Cash and equivalents481398485273-17.2%Total assets10,24410,87510,78010,6791.4%Short and long-term debt2,2982,4772,4772,4772.5%Other long-term liabilities1,3501,3531,3531,3530.1%Total liabilities6,8736,9276,9566,9860.5%Net debt/(funds)1,8172,0791,9922,2046.6%Shareholders equi

47、ty2,6202,9233,0253,1286.1%Change in working capital-133-222-39-61N/ACash flow from operations1,219870759772-14.1%Capital expenditure-282-310-360-360N/AFree cash flow937560399412-23.9%Valuation and leverage metricsAverageP/E (adj) (x)6.16.9EV/sales (x)0.90.9EV/EBITDA (adj) (x)5.85.9EV/IC (x)0.80.8Div

48、idend yield (%)4.93.5Net debt/EBITDA (adj) (x)1.51.4Working capital/sales (%)16.717.517.517.517.3Selected operating metricsAverageSales/fixed assets (x)2.92.7Capex/depreciation (x)1.11.0Price TargetUSD 20.00 Why Underweight? Our investment thesis is predicateduponourrelativelybearishviewonthe commod

49、ityMDIcycle.Wethinkthereisampleriskto achieving managements 2020 targets, given our productviewandthecompanyshistoricaldifficultyin FCFconversion.Upside caseUSD 35.00 Ourupsidecaseisbasedupona8%FCFyield appliedtoabullcase2019FCFof$600m+$3/shrin valuefromtheVenatorequitystake.DownsidecaseUSD16.00Ourd

50、ownsidecaseisbasedupona10%FCFyield appliedtoabearcase2019FCFof$360m+$0/shrin valuefromtheVenatorequitystake.Upside/Downside scenariosU.S. ChemicalsIndustry View: POSITIVE HYPERLINK /go/BC/composite/GER_COMPANY?ticker=KRO Kronos (KRO)Stock Rating: UNDERWEIGHTIncome statement ($mn)2017A2018E2019E2020E

51、CAGRIncome statement ($mn)2017A2018E2019E2020ECAGRRevenue1,7291,7191,524N/AN/AEBITDA (adj)372357285N/AN/AEBIT (adj)330308232N/AN/APre-tax income (adj)312289212N/AN/ANet income (adj)231204148N/AN/AEPS (adj) ($)2.001.761.28N/AN/ADiluted shares (mn)115.9115.9115.9N/AN/ADPS ($)0.600.680.68N/AN/AMargin a

52、nd return dataAverageEBITDA (adj) margin (%)21.520.818.7N/A20.3EBIT (adj) margin (%)19.117.915.2N/A17.4Pre-tax (adj) margin (%)18.116.813.9N/A16.3Net (adj) margin (%)13.411.99.7N/A11.7ROIC (%)18.815.210.5N/A14.9ROA (%)N/A10.8ROE (%)30.723.315.7N/A23.2Balance sheet and cash flow ($mn)CAGRTangible fix

53、ed assets506495496N/AN/AIntangible fixed assets655N/AN/ACash and equivalents324527643N/AN/ATotal assets1,8241,9241,979N/AN/AShort and long-term debt475466466N/AN/AOther long-term liabilities365347347N/AN/ATotal liabilities1,0701,0471,033N/AN/ANet debt/(funds)151-61-178N/AN/AShareholders equity754876

54、946N/AN/AChange in working capital110-58-48N/AN/ACash flow from operations273253202N/AN/ACapital expenditure-65-60-55N/AN/AFree cash flow98251195N/AN/AValuation and leverage metricsAverageP/E (adj) (x)6.47.310.0N/A7.9EV/sales (x)N/A0.9EV/EBITDA (adj) (x)4.44.04.6N/A4.3EV/IC (x)N/A1.8Dividend yield (

55、%)N/A5.1Net debt/EBITDA (adj) (x)0.4-0.2-0.6N/A-0.1Working capital/sales (%)31.228.028.4N/A29.2Selected operating metricsAverageSales/fixed assets (x)N/AN/AN/AN/AN/ACapex/depreciation (x)N/A1.3Price TargetUSD 14.00 Why Underweight? As a leading global player in Titanium Dioxide markets, we believe d

56、epressed pigment prices and unfavorable supply-demand dynamics could weigh on results in the near to mediumtermUpside caseUSD 23.00 Ourupsidecaseof$23isbasedona9xEBITDA multipleappliedtoour2019estimateof$285m.DownsidecaseUSD9.00 Ourdownsidecaseof$9isbasedonourstandard TIO2valuationof$2,250/MT.Thisas

57、sumesweare currentlyatpeakearningsfortheTiO2producer,and pricingwilllikelyrollover.Upside/Downside scenariosU.S. ChemicalsIndustry View: POSITIVE HYPERLINK /go/BC/composite/GER_COMPANY?ticker=LYB LyondellBasell Industries NV (LYB)Stock Rating: OVERWEIGHTIncome statement ($mn)2017A2018E2019E2020ECAGR

58、Income statement ($mn)2017A2018E2019E2020ECAGRRevenue34,48437,96938,729N/AN/AEBITDA (adj)6,9927,0836,300N/AN/AEBIT (adj)5,8185,8745,064N/AN/APre-tax income (adj)5,4645,5654,748N/AN/ANet income (adj)4,0434,4813,749N/AN/AEPS (adj) ($)10.1411.469.87N/AN/ADiluted shares (mn)398.8391.1380.0N/AN/ADPS ($)3

59、.554.004.40N/AN/AMargin and return dataAverageEBITDA (adj) margin (%)20.318.716.3N/A18.4EBIT (adj) margin (%)16.915.513.1N/A15.1Pre-tax (adj) margin (%)15.814.712.3N/A14.3Net (adj) margin (%)11.711.89.7N/A11.1ROIC (%)23.123.918.7N/A21.9ROA (%)16.516.413.3N/A15.4ROE (%)53.944.632.8N/A43.8Balance shee

60、t and cash flow ($mn)CAGRTangible fixed assets10,99712,67114,435N/AN/AIntangible fixed assets1,1382,8012,801N/AN/ACash and equivalents1,52837-644N/AN/ATotal assets26,20628,80330,178N/AN/AShort and long-term debt8,6198,7699,519N/AN/AOther long-term liabilities1,6551,7741,774N/AN/ATotal liabilities17,