N.A. Chems & Pkg "The Daily InSpector" Spector

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N.A. Chems & Pkg "The Daily InSpector" Spector

Global Research

13 July 2026ab

N.A. Chems & Pkg Equities

AmericasThe Daily InSpector

Chemicals, Commodity

Joshua Spector, CFA

Upgraded SOLS to Buy; Aligning ESI Price Target Analyst

We upgraded SOLS stock to Buy last night as we think the sell off presents a joshua.spector@ubs.com

buying opportunity. While Buying ESI does dilute nuclear growth somewhat, we +1-212-713 6188

think SOLS has the balance sheet capacity to invest in nuclear expansions and buy Lucas Beaumont

ESI. On a PF basis we see a ~18% EPS CAGR for SOLS which is not priced in at Analyst

~20x NTM EPS. With nearly half of sales exposure to Electronics/AI/Datacenter, we lucas.beaumont@ubs.com

see that as a dominant driver of growth. See our SOLS upgrade for more details - +1-212-713 4809

link. Christopher Perrella

Analyst

We link our ESI PT to our update of SOLS PT of $78. This moves ESI’s PT to $49 christopher.perrella@ubs.com

from $55 (0.5x SOLS + $10/sh) and is equivalent to ~22.0x NTM EPS ending +1-212-713 1443

MarQ28P from ~24.5x prior.

Anojja Shah

Chemical spot pricing weekly update Analyst

anojja.shah@ubs.com

High level: Last week petrochemical spot prices continued to see declines, though +1-312-525 4310

ongoing actions in the Middle East creates further uncertainty and could see prices rise

James Cannonmodestly this week. See Figures 1-20 for more:

Associate Analyst

U.S. spot PE prices declined 7cpp W/W, to 48/56/47 cpp for HD/LD/LLDPE james-p.cannon@ubs.com

(QTD ~51.5/59.5/50.5 vs. 2Q avg ~71/79/70 cpp, but still up 11/10/11 cpp since +1-212-713 4057

the conflict in the Middle East). This follows a 15 cpp decline in contract prices in Gaurav Sharma

June. Most producers continue to operating at high rates. Export prices were Associate Analyst