Key Points The recently announced MP Materials deal with the U.S. DoD has rightly resulted in a re-rating of the entire Western rare earths complex Supply growth in rare earths lagging behind...
Key Points Forecasting Q2'25 q-o-q margin compression for the MENA group; we anticipate mostly earnings misses in the quarter Overall, we believe consensus is inaccurately forecasting Q2’25; we are meaningfully below Q2’25...
Key Points U.S. natural gas and NGL oversupply should persist limiting ethane price upside despite higher ethane exports Normalization of frac spread would erode ethylene margins by 2.2c/lb., at most We rate our...
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 Periods of extreme MDI demand weakness, similar to the last three years, typically followed by strong demand rebounds MDI cycle could normalize as early as 2026/2027 with significant earnings and...
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...