Report
Seth Goldstein, CFA
EUR 101.80 For Business Accounts Only

The Dow-DuPont merger is likely to be value-accretive to shareholders of both companies.

Dow Chemical reported second-quarter results that were in line with our expectations. Higher volumes across all segments drove a 12% year-on-year increase in operating EBITDA to $2.76 billion during the second quarter. Sequentially, operating EBITDA grew 2%. Both quarters in 2017 include Dow Corning’s silicone business, which was not included in the second quarter of 2016. With no changes to our long-term forecast or synergy estimates from the merger, we maintain our $52 per share fair value est...
Underlying
Downer EDI Limited

Downer EDI is engaged in providing services to customers which includes Transport Services; Technology and Communications Services; Utilities Services; Rail; Engineering, Construction and Maintenance; and Mining, in Australia and New Zealand and also in the Asia-Pacific region, South America and Southern Africa.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Seth Goldstein, CFA

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