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Trinseo

Basic Plastics & Feedstocks (44% FY16 sales, 41% FY16 EBITDA) produces base thermoplastics-primary products include polystyrene, acrylonitrile-butadiene styrene (ABS), styrene-acrylonitrile (SAN), polycarbonate (PC). The business is also responsible for the internal production and sourcing of styrene monomer. Latex (25% FY16 sales, 17% FY16 EBITDA) derives synthetic latex through the polymerization of styrene and butadiene monomer. Primary products include styrene-butadiene latex, styrene-acrylate latex, and various performance SB latex products. Synthetic Rubber (12% FY16 sales, 20% FY16 EBITDA) Trinseo is a leading styrene-butadiene rubber manufacturer with 70% of Western Europe's 240 kMT SSBR capacity. The Synthetic Rubber business primarily sells solution styrene-butadiene rubber and emulsion styrene-butadiene rubber. Performance Plastics (19% FY16 sales, 22% FY16 EBITDA) manufactures Compounds, blends, specialized ABS grades. Significant position in PC/ABS blends, which have heat resistant and strength properties of PC combined with the process quality, resilience of ABS. (06 Feb 2018)

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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

Trinseo: Shifting to Underperform

Worth Watching: 19 Nov 2018, 10:16 PM ET - Trinseo: We are shifting our recommendation from Outperform to Underperform due both concerns about future demand growth as well as the potential for substantial off-balance sheet risk. Trinseo has substantial exposure to the automotive end ..
Focused

Trinseo 3Q18: Temporary Blip?

Earnings Note: 11 Nov 2018, 10:32 PM ET - Trinseo reported weak 3Q18 results driven by softer demand from the European auto market as well weaker demand from China. At this point, however, it remains unclear whether this is a temporary blip or a sign of persistently weaker demand.

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

Trinseo: Negatively Revises 3Q18 Guidance

Worth Watching: 09 Oct 2018, 10:33 PM ET - Trinseo (B2/BB-) negatively revised its 3Q18 guidance driven by higher raw material costs, weaker automotive demand, continued softness in the tire market, and rising uncertainty in China due to the ongoing trade dispute. Trinseo's announcement ..
Focused

Trinseo 2Q18: Higher Styrene Margins Offset Price

Earnings Note: 10 Aug 2018, 4:58 AM ET - Higher Styrene Margins offset weakness in the specialty part of the portfolio, which struggled with pricing headwinds. 
Focused

Trinseo: Upgraded by Moody’s

Worth Watching: 24 Apr 2018, 11:57 PM ET - Trinseo (B2/BB-) senior unsecured notes were upgraded by Moody's on Monday to B2 from B3. Concurrently, the agency upgraded the company's Corporate Family Rating to Ba3 from B1. Moody's cited a bullish outlook for the styrene and polystyrene ma ..

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. 
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Trinseo 4Q17: Plastics & Feedstocks Perform

Earnings Note: 22 Feb 2018, 6:03 AM ET - A number of segments enjoyed a record EBITDA year, including Latex, Basic Plastics and Feedstocks, leading to a 54% yoy increase to $1.21 bn in FY17 adj. EBITDA. Unplanned outages should bode well for the company heading into 2018.

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.

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.
Focused

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

Trinseo 3Q17: Harvey Boosts Styrene Margins

Earnings Note: 06 Nov 2017, 4:59 AM ET - Trinseo 3Q17 results exceeded consensus estimates for revenue and net income largely thanks to the unexpected Styrene supply disruptions of roughly $30 mn as well as higher polycarbonate and Latex  margins.

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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