Company Update

Favorable dynamics in soy crush, ethanol, and natural flavors, but huge premium on valuation We reiterate a Hold on ADM as we see impressive financial performance already priced into the stock. ADM posted a strong…

Strong ethanol market, improving operations, and rising 45Z provide GPRE with the group’s best FCF yield We reiterate a Buy on GPRE due to an appealing combination of strong ethanol fundamentals, improving operations, rising credit…

Tight RIN market will support strong profitability in both RD and rendering, expect capital returns to shareholders to rise We reiterate a Buy on DAR due to its leading exposure to the extremely tight RIN…

Tailwinds in H2 from better pricing in both HIP/PEM as well as higher asset utilization Call impact: Modestly positive. WLK +11% and easily outperforming its closest peer (OLN +2%) on the strong Q2 beat. We…

GC margin capture supported by a host of factors in Q2, but could see some headwinds in Q3 Call Impact: Modestly positive. MPC +1% and outperforming large-cap peers by +1-2% on the back of the…

Call Impact: Modestly positive. Stock is +1% this morning and outperforming its main peer by also +1% on the Q2 beat and 2026 guidance raise that puts H2 EPS at $2.59-$3.04 vs TPHe/consensus $2.58/$3.03. Management…