reports
- Seth Goldstein
- CFA
The Dow-DuPont merger is likely to be value-accretive to shareholders ...
Narrow-moat DuPont reported second-quarter results that were slightly above our expectations as increased volumes in all segments drove a 13% increase in segment income to $3.7 billion during the first half of 2017. We anticipate that this earnings release will be DuPont’s final update before the merger with Dow, and we still expect the deal to close in August. With no changes to our long-term forecast or synergy estimates from the merger, we maintain our $67 per share fair value estimate. Our...
- Seth Goldstein
- CFA
DuPont Reports Solid 2Q; We Maintain Our $67 FVE as Dow Merger Set to ...
Narrow-moat DuPont reported second-quarter results that were slightly above our expectations as increased volumes in all segments drove a 13% increase in segment income to $3.7 billion during the first half of 2017. We anticipate that this earnings release will be DuPont’s final update before the merger with Dow, and we still expect the deal to close in August. With no changes to our long-term forecast or synergy estimates from the merger, we maintain our $67 per share fair value estimate. Our...
- Seth Goldstein
- CFA
The Dow-DuPont merger is likely to be value-accretive to shareholders ...
Dow Chemical and DuPont announced their merger received approval from the Antitrust Division of the U.S. Department of Justice, which was the last remaining regulatory hurdle in the deal. The approval was granted with no additional required divestitures. We’ve increased the fair value estimates of both Dow and DuPont to account for a 100% probability of deal closure, up from our previous estimate of 80%, and expect the deal to close in the second half of 2017. Our Dow fair value estimate rises...
- Seth Goldstein
- CFA
Dow-DuPont Merger Receives U.S. Approval, but Shares Remain Overvalued
Dow Chemical and DuPont announced their merger received approval from the Antitrust Division of the U.S. Department of Justice, which was the last remaining regulatory hurdle in the deal. The approval was granted with no additional required divestitures. We’ve increased the fair value estimates of both Dow and DuPont to account for a 100% probability of deal closure, up from our previous estimate of 80%, and expect the deal to close in the second half of 2017. Our Dow fair value estimate rises...
- Jeffrey Stafford
The GMO Growth Story Is Not Over Yet
The GMO growth story has stalled, but it is far from over. Following the introduction of GMOs in 1996, GMO sales grew at a 35% average annual pace to 2013. Over the past few years, growth has ground to a halt, with major markets in North and South America reaching saturation and crop prices sinking from elevated levels. Reputational challenges haven't helped. More food companies are proudly labeling their products "GMO-free," more than half of EU members ban GMO planting, and some research casts...
- Jeffrey Stafford
EU Expected to Approve Dow-DuPont Merger, but Market Too Enthusiastic ...
Reuters has reported that the European Commission is set to approve the merger of Dow Chemical and DuPont. The last major remaining hurdle is antitrust approval from the U.S. Department of Justice. The Dow-DuPont news comes on the heels of a report that the European Union will also approve state-owned ChemChina's purchase of Swiss agrochemical giant Syngenta. We think the news increases the likelihood that the Dow-DuPont deal will eventually close, and we've raised the deal probability in our D...
- Jeffrey Stafford
The Dow-DuPont merger is likely to be value-accretive to shareholders ...
DuPont ended 2016 on a relatively strong note, primarily thanks to its aggressive cost-cutting initiatives. The company was able to push operating earnings up 21% year over year in 2016, despite a tough industry backdrop in its important agriculture business and sluggish economic growth in some of its major markets. Cost-cutting has been a primary focus of DuPont's new management team, with the company pushing for improvement not only in operating costs but also in working capital and capital ex...
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