We do our own fundamental research and technical analysis.  We update our earnings models and input pricing and other data into our proprietary process economics models.  Process economics is the product production profitability calculated using knowledge of the recipes of raw materials and other variable costs, such as labor and utilities as well as fixed production costs based on operating rates.  With commodity chemical companies, we apply our product related profit estimates to a company's capacity to estimate segment EBITDA and operating profits.

We do not rely on outside consultants for product related profitability analysis but instead and unlike many on the sell-side, we do this critical work ourselves, which often results in more timely communications of changes in operating profits to clients relative to the competition that operates on a time lag.  This allows us to offer unique views that one can not get elsewhere.  As you can see from our track record, those views have been quite profitable for our clients.  Recognition

We have good working relationships with the companies that we cover.  Depending on company management availability, we can often help facilitate communications between clients and company managements.

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