Specialist
Former Unit Leader at The Chemours Co
Agenda
- Chemours (NYSE: CC) overview – core strengths and weaknesses during the coronavirus pandemic
- Competitive landscape – key players and competitive advantages
- Impacts of the coronavirus pandemic – industrial decline and cash-flow hurdles
- Forecast for 2020 – weathering the coronavirus
Questions
1.
How should we think about the macro environment and some of the potential impacts of the coronavirus pandemic on the TiO2 [titanium dioxide] industry?
2.
Could you outline Chemours’ TiO2 end markets across industries? Which sectors are most and least likely to be impacted by the coronavirus pandemic?
3.
You mentioned that US government stimulus could be a potential tailwind for Chemours. Can you elaborate on that? How would a stimulus package impact the industry?
4.
Significant industry consolidation has occurred over the past few years. Would you say this consolidation has structurally changed competitive dynamics for better or worse?
5.
Could you outline the TiO2 supply chain from the mine all the way to finished products? Could you also comment on inventory levels and interim inventory, which feature prominently on earnings calls in this industry?
6.
Could you elaborate on Chemours’ strategic advantage over peers? What gives the company a competitive edge?
7.
How would you compare Chemours’ decremental margins to its peers, given the potential for significant near-term volume declines?
8.
How do you think Chemours’ cost structure compares to industry peers? Do you think the company is advantaged in any way?
9.
Could you estimate Chemours’ minimum sustainable capacity utilisation rate?
10.
Do you have a sense of the capacity utilisation Chemours is operating at?
11.
What is your opinion of Chemours’ value stabilisation strategy? What would you do differently?
12.
At what point could Chemours end the value stabilisation strategy in a worst-case scenario?
13.
How do you assess Lomon Billions’ aggressive push into chloride TiO2? What pricing pressure would you expect to result from this?
14.
You mentioned that new capacity could cost more than the market believes. Could you elaborate on this point?
15.
What is your competitive analysis of Tronox? How is the company positioned in the industry?
16.
What might Ineos do with the recently acquired Ashtabula plant?
17.
Is there anything we are yet to discuss around Chemours and the TiO2 industry?
18.
How is Chemours positioned on the Fluoroproducts side?
19.
What are your thoughts on Chemours’ leadership, culture and the management’s strategy for instilling it?
