Description

Westlake Corporation: Initiation Of Coverage – Positive Caustic Soda Outlook 

This is our first report on chemicals player, Westlake Corporation. The company’s fourth quarter and full year 2023 results present a mixed picture. While there are significant positives, like record income from operation and an increase in sales volume, there are also notable downsides, such as a sharp decline in profitability in the European base epoxy business. In its fourth quarter 2023, the company recorded a noncash impairment charge of $475 million related to the Epoxy business, as well as a $150 million charge to resolve liability claims. These were the identified items on the earnings release and the conference call. The references to EBITDA, net income, and earnings per share on this call exclude these items.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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