Key Points Announced/speculated capacity rationalization in China and South Korea and cancellation of “at risk” projects key to inducing cycle tightness If all announced and speculated capacity shutdowns were to happen and...
Key Points Q2’25 EPS and EBITDA miss and Q3’25 guidance below consensus. Dividend cut by 50% Near-term commentary cautious, driven by tepid demand and industry oversupply We rate Dow Inc. shares Neutral with...
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 Q1’25 EPS and EBITDA beat but Q2’25 guidance below consensus Alberta project delayed and further cost cuts announced. European review expanded We rate Dow Inc. shares Neutral, with a revised down...
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 Q4'24 EPS miss but EBITDA beat; slower than expected volume recovery Management's Q1’25 guidance below consensus We rate Dow Inc. shares Neutral, with a 12-month target price of USD50 per share Summary Dow...