Goldman Sachs Starts Trinseo SA (TSE) at Buy
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Goldman Sachs initiated coverage on Trinseo SA (NYSE: TSE) with a Buy rating and a price target of $25.00.
Analyst Robert Koort said, "This former carve-out from DOW offers a compelling valuation (5.3x 2015E EBITDA) for a commodity chemical company with solid pockets of growth in certain downstream businesses, namely SSBR, and relative margin stability in latex. With trough economics in the remaining styrene and polycarbonate businesses, the attractive valuation also provides cheap optionality for improvement. Until upcycles develop, growth will be supplemented by deleveraging that alone could drive a 15% EPS CAGR."
Shares of Trinseo SA closed at $19.83 yesterday.
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