Key Points Forecasting Q1'25 q-o-q margin compression for the MENA group; we anticipate mostly earnings misses in the quarter Overall, we believe consensus is inaccurately forecasting Q1’25; we are meaningfully below Q1’25...
Key Points Capital allocation and IRR concerns being addressed, in our view. Underperformance relative to Linde should reverse Free cash flow generation should rev up FY2025 and beyond while debt levels should...
Key Points History suggests that demand- and profitability-plagued periods, like 2022-2024, were followed by rapid margin and volume gains Several countries imposing anti-dumping duties on Chinese TiO2 could be the source of...
Key Points U.S. natural gas and NGL oversupply will persist, limiting ethane price upside Normalization of frac spread would erode ethylene margins by 3.6c/lb., at most We rate our U.S. ethane-exposed names DOW...
Key Points U.S. natural gas and NGL oversupply will persist, limiting ethane price upside Normalization of frac spread would erode ethylene margins by 3.6c/lb., at most We rate our U.S. ethane-exposed names DOW...
Key Points We expect global polyethylene capacity growth to tick up in 2025 and utilization rates to inflect up slightly; higher oil prices could provide a pricing tailwind Consensus earnings estimates for...
Key Points Slight utilization rate dip in 2026, tightening thereafter through 2029 Forecasting a peak post 2029, quite possibly, could come sooner if demand grows at historical trend levels We rate our ethylene-exposed...
Key Points Periods of extreme MDI demand weakness, similar to the last two years, typically followed by strong demand rebounds Project delays and planned/unplanned outages could serve as margin tailwinds for the...