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DuPont de Nemours Inc DD

Morningstar Rating
$69.64 +0.08 (0.12%)
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Company Report

DuPont Earnings: End of Inventory Destocking Should Help Recovery Particularly in Electronics

We maintain our DuPont $85 per share fair value estimate and narrow moat rating after incorporating the firm's detailed fourth-quarter results into our valuation model. The company reported high-level results in late January. We continue to view 2024 as a transition year for DuPont. As destocking began to weigh on volumes and profits at different points in 2023, we expect a varied recovery throughout 2024. However, as the year progresses, we expect the end of destocking and a return to growth in line with end-market demand. We expect 2024 operating EBITDA to be just below 2023. We forecast a recovery in the electronics and industrial segment, where destocking began earlier in 2023 and is offset by a decline in water and protection, where destocking will continue through much of 2024.

Price vs Fair Value

DD is trading at a 18% discount.
Price
$69.64
Fair Value
$92.00
Uncertainty
Medium
1-Star Price
$593.72
5-Star Price
$27.50
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

DuPont's specialty chemicals business is among the best in the world, developing products such as Kevlar and Tyvek that command pricing power and generate healthy profit margins.

Bears

Slowing demand from a potential global recession will weigh on near-term profits.

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News

Trading Information

Previous Close Price
$69.56
Day Range
$69.2869.80
52-Week Range
$61.2078.74
Bid/Ask
$69.32 / $69.64
Market Cap
$29.08 Bil
Volume/Avg
2.2 Mil / 3.2 Mil

Key Statistics

Price/Earnings (Normalized)
20.01
Price/Sales
2.60
Dividend Yield (Trailing)
2.10%
Dividend Yield (Forward)
2.18%
Total Yield
8.88%

Company Profile

DuPont is a diversified global specialty chemicals company created in 2019 as a result of the DowDuPont merger and subsequent separations. Its portfolio includes specialty chemicals and downstream products that serve the electronics and communication, automotive, construction, safety and protection, and water management industries. DuPont benefits from the ability to produce patented specialty chemicals that command pricing power. Noteworthy products include Kevlar, Tyvek, and Nomex, which have evolved over time to enable a wide range of applications across multiple industries.
Sector
Basic Materials
Industry
Specialty Chemicals
Stock Style Box
Mid Core
Total Number of Employees
24,000

Competitors

Valuation

Metric
DD
MMM
EMN
Price/Earnings (Normalized)
20.019.9013.78
Price/Book Value
1.2310.511.90
Price/Sales
2.601.551.14
Price/Cash Flow
13.397.969.73
Price/Earnings
DD
MMM
EMN

Financial Strength

Metric
DD
MMM
EMN
Quick Ratio
1.540.710.66
Current Ratio
2.431.071.35
Interest Coverage
1.88−9.555.79
Quick Ratio
DD
MMM
EMN

Profitability

Metric
DD
MMM
EMN
Return on Assets (Normalized)
3.90%10.56%5.18%
Return on Equity (Normalized)
6.14%54.15%14.43%
Return on Invested Capital (Normalized)
5.18%21.33%8.84%
Return on Assets
DD
MMM
EMN
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