Ashland Global Holdings Inc "Another activist emerges" (Buy) Spector

Research evidence excerpt

Ashland Global Holdings Inc "Another activist emerges" (Buy) Spector

Global Research

9 June 2026ab

Ashland Global Holdings Inc Equities

United StatesAnother activist emerges

Chemicals, Specialty

12-month rating Buy

Ancora pushes ASH to make progress on a potential sale

Ancora disclosed today an activist campaign on ASH (link), focused on the 12m price target US$72.00

company initiating a more formal sale process. Ancora would like progress to be Prior : US$66.00

made before Sep board nomination window, and indicates they have board

Price (08 Jun 2026) US$57.46

candidates if needed. Standard Industries also owns 9.9%, recently increasing its

voting shares in the company (swaps into direct share ownership). Standard took RIC: ASH.N BBG: ASH US

WR Grace private in 2021, and Ancora presentation (link), notes a range of

Trading data and key metrics

strategic buyers.

52-wk range US$64.80-47.49

Our View Market cap. US$2.64b

We believe ASH shares are undervalued. Even on the move up today on the news, Shares o/s 46.0m (COM)

ASH still trades at a ~8% FCF yield, which is in the range of pure commodity Free float 99%

trading. Our view was that there is a catalyst for shares to re-rate, but it would take Avg. daily volume ('000) 312

time, with the company needing to prove out cost savings (which they recently Avg. daily value (m) US$17

fumbled) and organic volume growth (harder in the current market). See here for Common s/h equity (09/26E) US$1.86b

our prior ASH deep dive review – link. P/BV (09/26E) 1.4x

Net debt to EBITDA (09/26E) 2.7x

We think the push from Ancora could be a catalyst for management to act more

aggressively and pursue a range of strategic options. This could pull forward EPS (UBS, diluted) (USD)

catalysts to later this year vs waiting for 1H27 execution. 09/26E