First Read Ashland Global Holdings Inc: Volumes inflect YY w/ JunQ EBITDA beat

研报英文原文证据摘录

First Read Ashland Global Holdings Inc: Volumes inflect YY w/ JunQ EBITDA beat

Global Research

28 July 2026ab

First Read

EquitiesAshland Global Holdings Inc

Volumes inflect Y/Y w/ JunQ EBITDA beat Americas

Chemicals, Specialty

12-month rating Buy

Our Take

We'd expect a positive reaction to ASH results. JunQ EBITDA of $109M was a 4% 12m price target US$75.00

beat vs $105M consensus. ASH maintained FY26 EBITDA guidance, which at the

mid-pt implies SepQ EBITDA steps up to ~$125-130M vs $123M consensus. JunQ

Price (28 Jul 2026) US$68.01

sales of $497M were ~2% above consensus, reflecting ~6% volume growth and

1% price growth Y/Y. It's nice to see an inflection in total volumes and pricing RIC: ASH.N BBG: ASH US

moving in the right direction. Life Sciences saw the highest growth with sales up Trading data and key metrics

~11% and Personal Care sales were also up MSD%. EBITDA beat in Life Sciences

52-wk range US$68.81-47.49

(+$5M), while Personal Care was in line, with margins of 33.3% and 29.0%

Market cap. US$3.13b

respectively, both ~50-100bps above UBSe. It's still somewhat early days for

Shares o/s 46.0m (COM)

Ashland to regain investor credibility, but we think better volumes/margins are

good signs on the initiatives in place. We look for volumes to grow through Free float 99%

innovation/globalize initiatives into FY27 and ASH asset optimization/cost savings Avg. daily volume ('000) 361

to get back on track as well. Avg. daily value (m) US$22

Common s/h equity (09/26E) US$1.86b

ASH also announced 2 new board members and a cooperation agreement with P/BV (09/26E) 1.6x

Ancora. The 2 new members are part of a new capital allocation advisory

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

committee to make recommendations to the board on capital allocation and

strategic planning.