Strong Third Quarter for Chemours; Increasing Fair Value to $6, but Shares Remain Overvalued
We are increasing our fair value estimate for Chemours to $6 per share from $4 previously, as we have increased our cash flow expectations for the company following stronger-than-expected third-quarter earnings. Driven by sizable cost cuts and TiO2 price increases, Chemours reported adjusted EBITDA of $268 million, 59% year on year. We have increased our cash flow forecasts for the company based on better-than-expected performance. The company’s high financial leverage, over 40% of the enterpris...Chemours is a provider of performance chemicals. The company has three reportable segments: Fluoroproducts, Chemical Solutions, and Titanium Technologies. The company's Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins. The company's Chemical Solutions segment is a North American provider of industrial chemicals used in gold production, industrial, and consumer applications. The company's Titanium Technologies segment is a provider of titanium dioxide pigment, a white pigment used to deliver whiteness, brightness, opacity, and protection in a variety of applications.
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