Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>WTR-CMI last week. The third quarter ended on a down note, with the S&amp;P 500 losing 3.7% and the Russell 2000 dropping 2.7%.</li><li>Our WTR-CMI index slightly underperformed the Russell 2000, declining 3.0% for the week. Coincidently, RYAM led the performance of stocks in our index, appreciating 18% last week, as news spread of one of its main competitors in commodity markets announcing the intention to shut down a major wood pulp production plant in the US</li><li>Lithium (LAC and PLL) and ag- chem stocks (FMC and AVD) were the worst performers in our index last week on lower lithium prices and signs of slowing EV demand, and a weaker farmer outlook for 2024/25 season.</li></ul>

WTR-CMI last week. The third quarter ended on a down note, with the S&amp;P 500 losing 3.7% and the Russell 2000 dropping 2.7%.Our WTR-CMI index slightly underperformed the Russell 2000, declining 3.0% for the week. Coincidently, RYAM led the performance of stocks in our index, appreciating 18% last week, as news spread of one of its main competitors in commodity markets announcing the intention to shut down a major wood pulp production plant in the USLithium (LAC and PLL) and ag- chem stocks (FMC and AVD) were the worst performers in our index last week on lower lithium prices and signs of slowing EV demand, and a weaker farmer outlook for 2024/25 season.

Mat-Chem Notes For the Week Ended September 29, 2023

<div><div><div><div><ul style="list-style-type: disc;"><li><p>WTR-CMI last week. Last week saw the market retrench, with the S&amp;P 500 losing 1.3%, while our WTR-CMI index of 30 chemicals and materials technology stocks managed to modestly outperform the broader Russell 2000 index (-3.6%) by declining 3.4%.</p></li><li><p>Only one stock in our index, SXT, managed a positive gain for the week, appreciating 3%. FMC was the worst performer in our index, losing 12.3% of its value on a short seller’s report that the company felt obliged to address.</p></li><li><p>Ag-tech portfolio shuffles continue. Privately held DLF, a global seed company, completed the acquisition of CTVA’s alfalfa seed breeding program, which was announced last month.</p></li></ul></div></div></div></div>

WTR-CMI last week. Last week saw the market retrench, with the S&amp;P 500 losing 1.3%, while our WTR-CMI index of 30 chemicals and materials technology stocks managed to modestly outperform the broader Russell 2000 index (-3.6%) by declining 3.4%.Only one stock in our index, SXT, managed a positive gain for the week, appreciating 3%. FMC was the worst performer in our index, losing 12.3% of its value on a short seller’s report that the company felt obliged to address.Ag-tech portfolio shuffles continue. Privately held DLF, a global seed company, completed the acquisition of CTVA’s alfalfa seed breeding program, which was announced last month.

Mat-Chem Notes For the Week Ended September 8, 2023

<div><div><div><ul style="list-style-type: disc;"><li><p>WTR-CMI year to date. As we enter the final month of the third quarter, our index of 30 chemicals and materials technology stocks has underperformed the S&amp;P 500 and the Russell 2000 on both a YTD and Y/Y basis.</p></li><li><p>With most of the margin improvement benefit having played out over the course of 2022 and into 1Q23, stock performance of companies in our sector has been largely driven by market- and industry-specific dynamics and their effects on respective companies.</p></li><li><p>Thus, weaker pricing and customer inventory drawdowns affected the performance of FMC and AVD, which are both down more than 30% YTD. </p></li></ul></div></div></div>

WTR-CMI year to date. As we enter the final month of the third quarter, our index of 30 chemicals and materials technology stocks has underperformed the S&amp;P 500 and the Russell 2000 on both a YTD and Y/Y basis.With most of the margin improvement benefit having played out over the course of 2022 and into 1Q23, stock performance of companies in our sector has been largely driven by market- and industry-specific dynamics and their effects on respective companies.Thus, weaker pricing and customer inventory drawdowns affected the performance of FMC and AVD, which are both down more than 30% YTD. 

Mat-Chem Notes - For the Week Ended September 1, 2023

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Sherwin-Williams managed to surpass the revenue and earnings expectations of Wall Street.</li><li>Given the positive first half and the current outlook for the second half, they have increased their full-year guidance.</li><li>The company's projections for the quarter's consolidated net sales were surpassed and increased by a mid-single-digit percentage.</li></ul>

Sherwin-Williams managed to surpass the revenue and earnings expectations of Wall Street.Given the positive first half and the current outlook for the second half, they have increased their full-year guidance.The company's projections for the quarter's consolidated net sales were surpassed and increased by a mid-single-digit percentage.

Sherwin-Williams Co: What Is Their Biggest Competitive Edge? – Key Drivers

<ul style="list-style-type: disc;"><li><p>WTR-CMI last week. In an up-week for the market, our WTR-CMI index of 30 chemical and material technology companies appreciated 4.8%, surpassing both the S&amp;P 500 and Russell 2000 returns of 2.3% and 3.7%, respectively.</p></li><li><p>FUL’s 13.2% appreciation led our index, as the company delivered strong margins in 2QFY23 (May- 23) and provided solid EBITDA guidance for the year.</p></li><li><p>The stock was also helped by FUL’s announcement of two bolt- on acquisitions, Adhezion Biomedical, a privately held medical adhesives company, and XCHEM International, a UAE specialty adhesives manufacturer with a strong position in MENA. </p></li></ul>

WTR-CMI last week. In an up-week for the market, our WTR-CMI index of 30 chemical and material technology companies appreciated 4.8%, surpassing both the S&amp;P 500 and Russell 2000 returns of 2.3% and 3.7%, respectively.FUL’s 13.2% appreciation led our index, as the company delivered strong margins in 2QFY23 (May- 23) and provided solid EBITDA guidance for the year.The stock was also helped by FUL’s announcement of two bolt- on acquisitions, Adhezion Biomedical, a privately held medical adhesives company, and XCHEM International, a UAE specialty adhesives manufacturer with a strong position in MENA. 

Mat-Chem Notes For the Week Ended June 30, 2023

United States

The Sherwin-Williams Company manufactures, distributes, and sells paints, coatings, and related products.  The Company's products are sold to professional, industrial, commercial, and retail customers primarily in North and South America. Sherwin Williams also has additional operations in the Caribbean region, Europe and Asia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sherwin Williams Co (SHW US)

Mat-Chem Notes For the Week Ended September 29, 2023

WTR-CMI last week. The third quarter ended on a down note, with the S&P 500 losing 3.7% and the Russell 2000 dropping 2.7%.

Water Tower Research

Mat-Chem Notes For the Week Ended September 8, 2023

Ag-tech portfolio shuffles continue. Privately held DLF, a global seed company, completed the acquisition of CTVA’s alfalfa seed breeding program,...

Water Tower Research

Mat-Chem Notes - For the Week Ended September 1, 2023

As we enter the final month of the third quarter, our index of 30 chemicals and materials technology stocks has underperformed the S&P 500 and the...

Water Tower Research

Sherwin-Williams Co: What Is Their Biggest Competitive Edge? – Key Drivers

Sherwin-Williams managed to surpass the revenue and earnings expectations of Wall Street. Given the positive first half and the current outlook...

Baptista Research

Mat-Chem Notes For the Week Ended June 30, 2023

FUL’s 13.2% appreciation led our index, as the company delivered strong margins in 2QFY23 (May- 23) and provided solid EBITDA guidance for the year.

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)