In today’s briefing:
- Syngenta IPO: The Investment Case
- Dow Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Dow Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- Eastman Chemical Company: Detailed Credit Analysis & Financial Strength Evaluation Report
- Eastman Chemical Company: Initiation of Coverage – Recent Acquisitions & Other Drivers
Syngenta IPO: The Investment Case
- Syngenta AG (SYNN SW), a world-class agribusiness, is seeking to raise US$9.5bn in Shanghai’s STAR market at a valuation of US$50bn. The Shanghai bourse will review the filing on 29-March.
- The business is in rude health with accelerating growth, market share gains, solid margins and cash generation. The IPO proceeds will help reduce leverage.
- A US$50 billion valuation is justifiable and implies a modest discount to peer multiples (including an AH premium). The IPO is worth a look.
Dow Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Dow Inc is a giant in the global chemicals industry and a material science leader providing customers with cutting-edge, eco-friendly packaging and infrastructure solutions.
- The company is dealing with its fair share of challenges on account of slower GDP growth, complex energy markets, and client destocking.
- The company proactively reduced operating rates to manage working capital, effectively implemented operational mitigation plans and cost-saving measures and lowered operating rates.
Dow Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on Dow Inc., a behemoth in the global chemicals industry.
- The company proactively reduced operating rates to manage working capital, effectively implemented operational mitigation plans and cost-saving measures and lowered operating rates.
- In the Deer Park acrylic monomer plant in Performance Monomers, Dow anticipates higher scheduled maintenance turnaround costs in this segment.
Eastman Chemical Company: Detailed Credit Analysis & Financial Strength Evaluation Report
- Eastman Chemical Company is a major player in the chemical industry.
- The company has been facing the adverse effect of macroeconomic volatility and its top-line performance has been below-par despite the impact of price increases.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
Eastman Chemical Company: Initiation of Coverage – Recent Acquisitions & Other Drivers
- This is our first report on the renowned chemical industry giant, Eastman Chemical Company.
- The company delivered a highly disappointing set of results given the macroeconomic volatility.
- We initiate coverage on the stock of Eastman Chemical Company with a ‘Hold’ rating.
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