Huntsman: The Long Road Back in Chemicals
Detailed Coverage Report: Valuing a Cyclical Business in Early Recovery
Huntsman has been included in the Aurelion Index for several months and has delivered strong performance over the past month, up ~40% since early November. This outcome stands in contrast to bearish market sentiment, particularly from sell side analysts, and reinforces our differentiated view.
We believe the recent share price performance validates our positioning and highlights the value of an independent, fundamentals driven approach.
Executive summary
Huntsman is a Texas based global chemicals company focused on polyurethanes and specialty materials, with leadership rooted in the founding Huntsman family and led by CEO Peter R. Huntsman. The group generated $6.0B of revenue in 2024, with earnings pressured by weak construction demand, industrial activity in Europe, and competitive intensity in MDI. Following portfolio exits, a larger share of profits now comes from higher margin differentiated chemistry rather than basic commodity products.