In a research note published on October 10, the analysts mention that significant buybacks of share should be an enabler of numerous developments. Furthermore, Cytec Industries is supposed to have surpassed anticipations of the investor with regard to the main use of proceeds question with the company completing to $600 million in share buybacks (20 percent of its market cap) by the middle of next year (although possible very soon), from the $900 million of Coating Resins divestiture proceeds.
In addition to this, in shares of Cytec Industries re-rating towards a hybrid Hexcel (9x EBITDA) or high quality specialty chemical (8.5x EBITDA) multiple, it is supposed that the constructive momentum produced by the share buybacks will be an enabling factor.
Moreover, at 8-9x EBITDA, peers are trading with 85 percent of Cytec Industries’ remaining portfolio composed of high growth and elevated margin businesses. Additionally, at just 5.3x ‘13E EBITDA, valuation of the company is attractive, the analysts add further.
Cytec Industries stock rating, Cytec Industries shares, Cytec Industries target price, analyst rating
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