Lester Goh
Recent high-school graduate, long-term greedy, value, special situations

FMC Corp: Misplaced Pessimism Creates 50% Upside, For Starters

Thesis

In light of the recent market-wide sell-off due to global growth concerns, continued cheap oil, among other issues, several quality companies have become attractively priced. It is my belief that FMC Corporation (NYSE:FMC) ("FMC" or "the Company") is one such candidate.

Reasons for the opportunity: weakness within agricultural end-markets, substantial currency depreciation, GMO competition from larger peers, concerns over business model viability, skepticism regarding substantial one-time charges, high leverage, year-end tax-loss selling, and market-wide de-risking.

In my view, the aforementioned issues are either largely temporary in nature or unfounded. Shares are attractive because at current prices, the market seems to be under-appreciating the Company's portfolio transition into high-margin and differentiated franchises and attributing little value to its

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