Specialty Chemicals

Individual company worksheets may be downloaded by simply clicking on the company name.

Cabot Corporation
I like what the company does, that they are a picks and shovels company. I don’t like that the company has a 49% interest ($15M) in a carbon black affiliate in Venezuela and I don’t like that the company has exposure in connection with a safety respiratory products business that a subsidiary company once owned, and I wish there were additional information regarding the shutdown of the company’s carbon black facilities in Merak, Indonesia. My wonder is around exposure to future litigation by the Indonesian government. These things aside, FY 2017 was a good year for the company with y-o-y earnings growth of 61%, y-o-y debt growth of less than 1%, and y-o-y free cash flow growth of 20%.

Cabot Corporation (NYSE: CBT) – FYE 09/2017 – FAIRLY VALUED – The stock is currently trading at levels in line with my $70 fair value estimate – Please See Linked Worksheet

Hawkins, Inc. (Nasdaq: HWKN) – FYE 03/2017

Kraton Performance Polymers, Inc. (NYSE: KRA) – FYE 12/2016

Oil-Dri Corporation of America (NYSE: ODC) – FYE 07/2017 – Hold – The current market price reasonably reflects the current P/E, growth potential and balance sheet metrics – SEE RESEARCH NOTES

Olin Corporation (NYSE: OLN) – FYE 12/2016

Quaker Chemical Corporation (NYSE: KWR) – FYE 12/2016

RPM International, Inc. (NYSE: RPM) – FYE 05/2017

Sensient Technologies Corporation (NYSE: SXT) – FYE 12/2016

The Sherwin-Williams Company, Inc. (NYSE: SHW) – FYE 12/2016

WD-40 Company (Nasdaq: WDFC) – FYE 08/2017 – Sell – The current market price is too high basis the current P/E, growth potential and balance sheet metrics – SEE RESEARCH NOTES

W.R. Grace and Company, Inc. (NYSE: GRA) – FYE 12/2016

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.