DWDP
DowDuPont Inc
Industrial/Transportation
08/20/2018
Presented
| Date | 08/15/2018 |
| Price | $66.46 |
| Market Cap | $153.35B |
| Ent Value | $179.29B |
| P/E Ratio | 65.8x |
| Book Value | $42.59 |
| Div Yield | 2.29% |
| Shares O/S | 2,307.38M |
| Ave Daily Vol | 7,622,584 |
| Short Int | 0.86% |
Current
| Price | $84.71 |
| Market Cap | $36.42B |
| DowDuPont, Inc. is a holding company, which engages in the development of specialty materials, chemicals, and agricultural products. It operates through the following segments: Agriculture; Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Packaging & Specialty Plastics; Electronics & Imaging; Nutrition & Biosciences; Transportation & Advanced Polymers; and Safety & Construction. The Agriculture segment focuses on seed and crop protection businesses. The Performance Materials & Coatings segment caters the uses silicones, acrylics, and cellulosics-based technology platforms. The Industrial Intermediates & Infrastructure segment includes construction chemicals, energy solutions, industrial solutions, and polyurethanes and chlor-alkali and vinyl. The Packaging & Specialty Plastics segment produces ethylene, polyolefin elastomers, and ethylene propylene diene monomer elastomers. The Electronics & Imaging segment supplies materials for consumer electronics. The Nutrition & Biosciences segment offers solutions for the food and beverage, pharma, personal care, energy, and animal nutrition markets. The Transportation & Advanced Polymers comprises of engineering resins, adhesives, lubricants and parts to engineers and designers in the transportation, electronics, medical, industrial, and consumer end-markets. The Safety & Construction segment includes engineered products and integrated systems for the construction, worker safety, energy, oil and gas, transportation, medical devices, and water purification and separation. The company is headquartered in Wilmington, DE. |
Publicly traded companies mentioned herein: Axalta Coating Systems Ltd (AXTA), BASF SE (BAS GR), Bayer AG (BAYN GR), Chr Hansen Holdings A/S (CHR DC), DowDuPont Inc (DWDP), LyondellBasell Industries NV (LYB), Symrise AG (SY1 GR)
Highlights
The presenter is long shares of DowDuPont (DWDP), seeing meaningful valuation upside from a sum-of-the-parts analysis, with “hard catalysts” in the near-term. He believes there are significant cost cutting opportunities at the planned DWDP spin-offs that are currently underappreciated. He sees 20% upside in the near-term as the financial situation of the spin-offs becomes more well-understood and a further appreciation in share price as the spins actually occur. Moving forward, any M&A activity post-spin would likely yield additional premiums.
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