Chemicals and Packaging Comparative Valuation

Research evidence excerpt

Chemicals and Packaging Comparative Valuation

Jeff Zekauskas

J.P. Morgan Securities LLC

(212) 622-6644

Enterprise Enterprise Enterprise

Value/ Value/ Value/

Company P/E Ratio Company P/E Ratio Company P/E Ratio Company EBITDA Company EBITDA Company EBITDA

2025 2026E 2027E 2025 2026E 2027E

(sorted in ascending order) (sorted in ascending order) (sorted in ascending order) (sorted in ascending order) (sorted in ascending order) (sorted in ascending order)

Albemarle (216.5) Huntsman (62.9) Tronox (27.0) DuPont 0.0 DuPont 0.0 DuPont 0.0

Olin (165.1) Olin (33.3) LyondellBasell 6.2 Mosaic 5.1 Methanex 3.7 Methanex 4.4

Westlake (92.4) Tronox (6.7) FMC 6.8 Orion 5.8 CF Industries 4.1 LyondellBasell 4.9

Compass (66.7) Methanex 5.1 Bayer AG 7.6 FMC 5.9 LyondellBasell 4.7 Dow 5.1

Dow (36.3) LyondellBasell 5.5 Methanex 7.8 CF Industries 6.3 Dow 5.2 CF Industries 5.5

Huntsman (22.4) FMC 7.0 Celanese 8.2 Cabot 7.0 Nutrien 6.2 Nutrien 6.5

Tronox (5.3) CF Industries 7.6 Amcor 9.1 Bayer AG 7.1 Orion 7.2 Bayer AG 6.7

FMC 4.0 Bayer AG 8.3 Chemours 9.8 Nutrien 7.2 Mosaic 7.2 FMC 6.7

Bayer AG 7.4 Celanese 8.4 Dow 9.9 Silgan 7.7 FMC 7.2 Mosaic 6.8

Mosaic 10.0 Dow 8.5 Silgan 10.0 Crown 8.3 Celanese 7.3 Silgan 6.8

Silgan 11.0 Amcor 10.1 CF Industries 10.0 Axalta 8.8 Silgan 7.3 Chemours 6.9

Amcor 11.4 Silgan 10.9 Eastman 11.1 H.B. Fuller 8.8 Bayer AG 7.5 Orion 6.9

CF Industries 11.5 Nutrien 11.5 Crown 11.4 Olin 9.0 Cabot 7.7 Westlake 7.1

Cabot 12.1 Eastman 11.6 Axalta 12.2 Celanese 9.0 Westlake 8.0 Celanese 7.2

Crown 12.7 Crown 12.4 Ball Corp 12.5 Eastman 9.1 Crown 8.0 Cabot 7.3

Axalta 13.3 Axalta 13.0 Nutrien 12.8 Chemours 9.2 Eastman 8.1 Crown 7.5

Celanese 13.3 Scotts Miracle-Gro 13.6 H.B. Fuller 12.9 Methanex 9.5 Chemours 8.1 Axalta 7.6

Eastman 13.9 H.B.