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Olin

OLN is primarily a chlor-alkali producer with an ammunition business. In Chlor Alkali, OLN produces chlorine and caustic soda. Caustic soda is typically sold to paper manufacturers, while chlorine is combined with ethylene to make EDC, a precursor for vinyl resins, which are ultimately used downstream in vinyl compounds such as PVC pipes and vinyl windows and siding. Winchester develops and manufactures small-caliber ammunition for sale to domestic and international retailers, law enforcement agencies, and domestic and international armed forces. (05 Jul 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

Olin 3Q18: Sticking to the Program

Earnings Note: 31 Oct 2018, 12:05 AM ET - Olin posted stronger results driven again by strength in the Chlor-Alkali and Epoxy segments whereas Winchester remained a headwind. Although debt reduction remains a priority, shareholder rewards should pick up in 4Q18.

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

Olin 2Q18: Strong Results Funding Debt Reduction

Earnings Note: 01 Aug 2018, 10:58 PM ET - Olin reported strong results on the double-digit growth in Chlor-Alkali and Epoxy whereas the sustained downturn in Winchester persisted. Olin's credit metrics should continue to improve on both debt reduction and adjusted EBITDA growth.
Focused

Olin 1Q18: Piping Hot

Earnings Note: 02 May 2018, 10:10 PM ET - Olin posted another solid quarter despite an increase in maintenance turnaround costs. In addition to the positive operational momentum, the balance sheet should also improve on management's commitment to debt reduction.

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

Olin 4Q17: Firing On Most Cylinders

Earnings Note: 07 Feb 2018, 10:49 PM ET - Olin's 4Q17 results improved largely on strong fundamentals in the Chlor Alkali & Vinyls and Epoxy segments. We affirm our Outperform recommendation on the positive operational momentum, an improving balance sheet, and value in the bonds.

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.
Focused

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

Olin: Issuing $500mn of 12-Yr, NC6 Notes

HY Note: 16 Jan 2018, 12:13 PM ET - Olin is in the market for $500 mn of 12-year NC 6 notes. We affirm our Outperform recommendation on the name given the favorable trends in both the chlor-alkali business as well as the improving balance sheet. 
Focused

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.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 
Focused

Olin 2Q17: Naphtha Darkens Outlook

Earnings Note: 09 Aug 2017, 9:33 PM ET - Lower global naphtha weakens Olin's 2017 EDC thesis, but the underlying raw material benefit and a near term tailwind from ethylene should keep the company roughly on course with respect to FY17 earnings.

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