The Chemours Company: More progress on PFAS

研报英文原文证据摘录

The Chemours Company: More progress on PFAS

Global Research

24 June 2026ab

First Read

EquitiesThe Chemours Company

More progress on PFAS Americas

Chemicals, Commodity

12-month rating Buy *

CC announced landmark $450M deal with EPA and WV DEP (link)

We estimate this adds a total PV of ~$240M to the overall PFAS liability outlook, 12m price target US$30.00

and the largest annual outflow under this agreement is ~$35M for the first three

years (group level – incl any DD/CTVA share of drinking water). This compares to

Price (24 Jun 2026) US$21.34

the $1.485B liability remaining already baked into our EV calculations. While

represents incremental costs to CC (~$1.60/sh), the overall impact appears RIC: CC.N BBG: CC US

relatively manageable. We think it is constructive to see further progress towards Trading data and key metrics

addressing the liability overhang.

52-wk range US$27.94-10.48

This deal appears incremental to our existing liability estimates, which focused Market cap. US$3.22b

primarily on State litigation and the Personal Injury MDL being tried in SC. Of the Shares o/s 151m (COM)

$450M deal, the largest portion is $280M to be spent over 30 years to provide Free float 100%

clean drinking water around the WV and NJ sites (NC already has a drinking water Avg. daily volume ('000) 693

program in place), and this is expected to be covered by the DD/CTVA MOU. Avg. daily value (m) US$15.9

Another $90M is allocated to capital projects over 15 years to mitigate future Common s/h equity (12/26E) US$0.37b

discharges around the sites, and $60M for WV site specific projects (we estimate P/BV (12/26E) 8.1x

over 5 years). There is a further $22.5M civil penalty to be paid over 3 years

Net debt to EBITDA (12/26E) 3.8x

following court approval of the settlement.