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C-MACC Sunday Thematic & Weekly Recap 142
A dead cat bounce? Likely too early for a rotation into Chemicals
- As the earnings reports have deteriorated over the last week, especially concerning outlooks for Europe, the sector has rallied – we think it is still too early.
- Celanese is a contradiction – its DuPont acquisition/high borrowing makes the stock cheap, and it may have to guide up for 2023 because of stale/poor estimates.
- We go back to industrial gases and contrast the capital discipline and focus at Linde with the capital drive at Air Products – we prefer the former – more upside.
- Nitrogen fertilizers and lithium look likely to bypass any economic downturn, and we see several years of high prices for ammonia and its derivatives.
- Meanwhile, we look again at how weak things are in Europe, the ambitions of the midstream giants, inventories, recycling challenges, and labor issues.
Last week we discussed 30 Chemicals and related products and 135 Companies.
See PDF below for all charts, tables and diagrams