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Albemarle

Albemarle manages and reports operations under three segments: Lithium and Advanced Materials, Bromine Specialties, and Refining Solutions. Lithium and Advanced Materials Segment (48% of FY16 adj. EBITDA) consists of two product categories: Lithium and Performance Catalyst Solutions. The Lithium business develops advanced materials for a wide range of industries and end markets and is a low-cost producer of one of the most diverse product portfolios of lithium derivatives in the industry. The PCS segment consists of four product lines: polymer catalysts, curatives, organometallics, &electronic materials. The Bromine Specialties Segment (30% of FY16 adj. EBITDA) includes products used in fire safety solutions and other specialty chemicals applications. The Refining Solutions Segment (32% of FY16 ad. EBITDA) is comprised of two main products lines: Clean Fuels Technologies, which is primarily composed of hydroprocessing catalysts, and Heavy Oil Upgrading, which is primarily composed of fluidized catalytic cracking catalysts and additives. (06 Feb 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

ALB 3Q18: Outage Speedbump Slows Speeding Lithium

Earnings Note: 08 Nov 2018, 11:56 PM ET - The Lithium segment failed to grow at double digit rates for the first time in recent memory as unplanned outages led to a volume decline. We expect market fundamentals to remain favorable and ALB’s other segments to continue to perform wel

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

Albemarle 2Q18: Powering Ahead With Lithium

Earnings Note: 08 Aug 2018, 11:05 PM ET - Albemarle enjoyed another strong quarter, seeing broad-based growth, with adjusted EBITDA up double digits in all three of the company’s main businesses. That said, Lithium continues to be the primary growth driver for the company.

Nutrien: Tianqi Agrees to Buy NTR’s SQM A Shares

Worth Watching: 18 May 2018, 12:00 AM ET - Nutrien (Baa2/BBB) announced that it has signed an agreement with Tianqui Lithium, by which Tiaqui Lithium has agreed to purchase 62.5 mn A shares of Sociedad Quimica y Minera de Chile for $65/share in cash. The transaction is worth roughly $4. ..
Focused

ALB 1Q18: Lithium Still Hot, Adding Capacity

Earnings Note: 13 May 2018, 8:36 PM ET - The company continues to benefit from the momentum in Lithium. It will concentrate on allocating capital towards lithium capacity expansion.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
Focused

Albemarle 4Q17: Lithium is the Story

Earnings Note: 01 Mar 2018, 11:31 PM ET - Albemarle lithium prices continued to climb through the fourth quarter, and management increased lithium growth capex for additional capacity projects. 

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.
Focused

Albemarle 3Q17: Jumping on the Lithium Express

Earnings Note: 13 Nov 2017, 11:59 PM ET - Albemarle benefited from demand growth and price increases in its Lithium segment, as the Lithium battery market provides a tailwind in the medium term. ALB will concentrate on capacity expansion and will likely look for M&A driven growth.

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.

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