TiO2 Pricing Drives Strong 1Q for Chemours, but Shares Are Baking In Too Much Optimism
Chemours reported strong first-quarter 2017 results, driven primarily by improved titanium dioxide prices and growth in Opteon refrigerants. Companywide sales increased 11% year on year to $1.4 billion, with adjusted EBITDA up a significant 123% to $285 million due to higher margins. Owing to slightly higher near-term profits, we've increased our fair value estimate to $18 per share from $17. Our no-moat rating is unchanged. Although Chemours has performed well in recent quarters, as titanium di...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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