Evonik Keeps Berenberg and Deutsche Bank at Arm's Length as Portfolio Pruning Takes Shape

Evonik has given investors two distinct threads to pull on this week: a pair of divestment processes at very different stages, and a set of quarterly figures strong enough to nudge one analyst's price target higher without shifting anyone's stance on the stock. Berenberg lifted its target to EUR 22.50 from EUR 20.00 today, according to media reports, yet stuck with a "Hold" rating. Deutsche Bank Research left its EUR 18 target untouched and kept its own "Hold" in place. The shares were up 2.2% on the day — a gain that arrives with no upgrade attached.

Two Sales, Two Clocks

On the portfolio front, Evonik said the Oxeno disposal is running to plan, with a buyer expected to be named in the coming months. That announcement will be the next hard milestone in the process, though it will not amount to a completed transaction. Syneqt sits at an earlier point: the company has begun preparations for what it explicitly calls a possible sale, language that stops well short of a decision to divest. Investors are therefore looking at two separate timelines — a buyer search nearing its next step at Oxeno, and an option being readied at Syneqt. Neither announcement, on its own, constitutes a finished reshaping of the portfolio.

Cash Generation Underpins the Quarter

The financial backdrop came with yesterday's quarterly report. Free cash flow reached EUR 369 million in the third quarter and EUR 601 million across the first nine months, with Evonik still guiding to roughly EUR 850 million for the full year. That cash generation stands apart from the divestment plans and forms its own valuation input; progress on a sale does not substitute for watching the underlying business.

Adjusted EBITDA climbed 40% in the third quarter to EUR 629 million, against the prior-year quarter, on higher sales volumes and prices. Reuters also pointed to supply bottlenecks among Asian competitors stemming from the Middle East crisis. Revenue for the same period rose 13% to EUR 3.825 billion, meaning the adjusted operating result outpaced the top line.

Guidance Sets the Wider Yardstick

Beyond the quarter just closed, Evonik expects adjusted EBITDA for 2026 in the upper half of a range between EUR 2.0 billion and EUR 2.2 billion — a company forecast, not a result already banked. That outlook, together with the quarterly beat, frames how the analyst notes should be read: Berenberg has marked its target up following the numbers, but neither house has moved its recommendation.

For shareholders, the next real test on the divestments is not another statement of intent but concrete action. At Oxeno, Evonik has attached a timeframe — the coming months. At Syneqt, the question is whether preparations turn into an actual sales process. Keeping progress distinct from completion remains the key to valuing both.