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Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management s expectations, beliefs and projections will result or be achieved. BUSINESS O verview We are a global manufacturer of diversified organic chemical products.
The business is unprofitable at the operating level (-2.31% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.8% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $1.97B represents 17.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$5.69B
▼ -5.8% YoY
Net Income (TTM)
-$348M
▼ -50.3% YoY
Op. Margin
-3.32%
▼ -1.9pp YoY
ROIC
-2.88%
▼ -1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$135M
▲ +46.8% YoY
Op. Cash Flow (TTM)
$310M
▲ +9.9% YoY
Net Debt
$2.12B
Cash & Equiv.
$369M
5Y CAGR: +0.9%
5Y CAGR: +48.6%
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