Litigation Clouds Lifting: Upgrading to OW; Priced for Appeal

研报英文原文证据摘录

Litigation Clouds Lifting: Upgrading to OW; Priced for Appeal

Equity Research

European Chemicals & Ingredients

3 August 2026

Clariant

Litigation Clouds Lifting:

Upgrading to OW; Priced for

CLN.S/CLN SW OVERWEIGHTAppeal

from Equal Weight

We upgrade Clariant to OW following the Dutch court's European Chemicals & NEGATIVE Ingredients

Unchangeddismissal of Shell's claim, which we believe materially de-

risks the wider >CHF9bn litigation portfolio. With credible Price Target CHF 11.50 raised 44% from CHF 8.00

savings, improving cash generation and valuation well below Price (31-Jul-26) CHF 9.15

Potential Upside/Downside +25.7%specialty chemical peers, we see scope for re-rating.

Source: Bloomberg, Barclays Research

We upgrade Clariant to OW and raise our price target from CHF8 to CHF11.5 following the

Market Cap (CHF mn) 3037

Amsterdam District Court's dismissal of Shell's EUR1bn damages claim, which we believe

Shares Outstanding (mn) 331.94

materially de-risks the wider >CHF9bn litigation portfolio. Our new price target offers +25%

Free Float (%) 62.94

upside. While we continue to assume CHF0.8bn of residual liability to reflect appeal risk and

52 Wk Avg Daily Volume (mn) 1.0

uncertainty around the German proceedings, we believe the ruling challenges the core

Dividend Yield (%) 4.59

economic framework underpinning the remaining claims. Combined with a valuation that

Return on Equity TTM (%) -1.56

remains disconnected from specialty chemicals peers and precedent transactions, we see

Current BVPS (CHF) 6.10

compelling upside from current levels. Source: Bloomberg

1) Litigation overhang materially reduced. The Amsterdam District Court's dismissal of Shell's

Price Performance Exchange-SWXEUR1bn damages claim on 29 July 2026 represents a significant positive development for