SA Transcripts • Nov. 5, 2014
Platform Specialty Products: The Architect And The Builder
- Arysta acquisition is highly accretive, diversifies the Agrosolutions business towards both higher growth markets and higher growth products.
- Acquisition brings more talent to the company and increases the magnitude of synergies.
- The architect Martin Franklin and the builder Dan Leever can pick up the pace of mergers.
- The company continues to be undervalued if it is able to compound capital at high rates via mergers.
Platform Specialty Products: Rare Opportunity Continues To Be Available
- PAH has deep bench of high quality, unconventional managers.
- Agriphar acquisition fits the roll-up strategy.
- Mr. Market continues to not fully understand the opportunity and assigns an average price for an above average business and management team.
- The risk/reward for long-term investors is very appealing.
Platform Specialty Products - The Next Great Serial Acquirer
- Great experienced management team with a rich history of building shareholder wealth.
- Great underlying investments with organic growth.
- Strong recurrent free cash flow generation.
- Possibly the beginning of a great adventure.
Platform Specialty Products: AgroSolutions Acquisition Is Just The Beginning
- Acquisition of Chemtura's AgroSolutions is immediately accretive to earnings, cash flow and margins which should grow significantly over time.
- AgroSolutions is a new vertical for PAH to build in and produces stable cash flows, with low capex needs, that provide ample ammunition for acquisitions.
- PAH continues to trade for an average multiple which could look very undervalued a few years out if company is successful in their acquisition strategy.
Nov. 5, 2014, 8:10 AM| Comment!
Oct. 20, 2014, 8:06 AM
- Platform Specialty Products (NYSE:PAH) agrees to acquire agricultural chemicals maker Arysta LifeScience from a company backed by P-E firm Permira Holdings for ~$3.51B.
- Arysta, which had net sales of $1.5B in 2013, supplies insecticides, fungicides and herbicides.
- PAH says the acquisition will have no impact on its status as a U.S.-domiciled company.
- PAH also issues in-line guidance for Q3, seeing revenues of $195M-$197M vs. $197M analyst consensus estimate and adjusted EBITDA of $51M-$52M, which PAH says would represent a record quarter.
Oct. 15, 2014, 2:17 PM
- The ten companies in the Russell 1000 in which hedge funds hold the biggest stakes are down an average of 16% since that index hit an all-time high on September 18, according to Bloomberg. This stands against a slide in the index of just 7%.
- “The reactive selling is institutional,” says a portfolio manager. “Now redemptions are coming in, and that’s putting more pressure on the market. All these things are in the mix for perhaps exacerbating the move.”
- The list: Burger King Worldwide (BKW -4.5%), CVR Energy (CVI -2.4%), Spectrum Brands Holdings (SPB -3.3%), Ally Financial (ALLY -2.6%), Zynga (ZNGA -1.3%), NorthStar Realty (NRF -1.9%), Seventy Seven Energy (SSE -6.6%), Platform Specialty Products (PAH -1.4%), and SunEdison (SUNE -0.6%).
Aug. 6, 2014, 8:35 AM
May. 5, 2014, 8:13 AM| Comment!
Apr. 17, 2014, 7:47 AM
- Chemtura (CHMT) agrees to sell its agrochemicals business to Platform Specialty Products (PAH) for ~$1B, as CHMT moves to focus on industrial chemicals such as fumigants and lubricants.
- The agrochemicals unit last year generated revenue of ~$450M and EBITDA of ~$100M.
- PAH management has made clear its ambition to grow into a leading player in the specialty chemical sector via acquisitions.
- The deal will be paid for with $950M in cash and 2M PAH shares.
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