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Dow Chemical

DowDupont has three primary reporting segments: Agriculture (20% of FY2016 sales, 16% FY2016 EBITDA) is comprised of two global businesses, Seed and Crop Protection, and delivers a broad portfolio of products and services that are specifically targeted to achieve gains in crop yields and productivity Materials Science (52% FY2016 sales, 57% FY2016 EBITDA), consisting of Performance Materials & Coatings, Industrial Intermediates & Infrastructure, Packaging & Specialty Plastics. Specialty Products (27% FY2016 sales, 32% FY2016 EBITDA) is comprised of Electronics & Imaging, Nutrition & Biosciences, Transportation & Advanced Polymers, and Safety & Construction. (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.

November 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the forty company recommendation changes made on North American companies during the month of November.
Focused

DOW: Issuing New 7Y, 10Y 30Y Notes

IG Note: 28 Nov 2018, 12:02 PM ET - Dow is tapping the markets to issue across 7, 10, and 30 year portions of the curve as it looks to tender $2.11bn of its 8.550% 19's.

DuPont: Sizing Up The $12.7 Bn Bond Deal

IG Note: 14 Nov 2018, 11:13 AM ET - DuPont is looking to bring $12.7 bn of bonds to a weak market in order to right size the capital structure of the pending SpinOffs. We look at DD's operational make up as a standalone business and outline our thoughts on the deal.
Focused

DWDP 3Q18: Opening the SpinCo Kimono

Earnings Note: 02 Nov 2018, 10:30 AM ET - Rising Volumes and Pricing more than offset higher feedstock costs and lower margins in the Materials science business unit for another solid quarter. Meanwhile, the company provided an update to plans for the post-split capital structure

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

DWDP 2Q18: Robust Broad-Based Growth

Earnings Note: 05 Aug 2018, 9:32 PM ET - DWDP delivered very solid results as sales increased 17% yoy to $250 mn above the top end of management’s $24 bn guidance thanks to price & volume gains along with continuing synergy realization. Spin-Offs and Synergies remain on track.
Focused

DWDP 1Q18: Overcoming Weather-Related Dr(Ag)

Earnings Note: 06 May 2018, 9:53 PM ET - Positive 1Q18 results were due to strong performance from the Materials Science and Specialty Products divisions. Their growth more than offset severe cold weather in the Northern Hemisphere, which shifted Ag shipments from 1Q to 2Q.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

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 ..

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. 
Focused

DWDP 4Q17: Synergies, Spin-Offs Ahead of Schedule

Earnings Note: 05 Feb 2018, 12:00 AM ET - Strong top-line and bottom-line growth driven by synergies and price gains. Company management does not seem concerned about oncoming derivative supply and remains confident that strengthening global economy will help drive demand.

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.

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.
Focused

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.

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