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Eastman Chemical Co EMN

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Raising Eastman FVE to $96 on Higher Growth Outlook; Shares Fairly Valued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Eastman's fourth-quarter results showed the company's businesses are recovering from the coronavirus-related economic slowdown. Operating earnings were up around 18% year on year during the quarter, led by growth in the company's two main segments: advanced materials and additives and functional products. Management expects the recovery to continue in 2021, guiding to adjusted EPS growth of 20%-30% for the year. We see continued recovery in all segments and think the guidance is achievable albeit at the lower end of the range. 

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Company Profile

Business Description

Established in 1920 to produce chemicals for Eastman Kodak, Eastman Chemical has grown into a global specialty chemicals with manufacturing sites around the world. The company generates the majority of its sales outside of the United States, with a strong presence in Asian markets. During the past several years, Eastman has sold noncore businesses, choosing to focus on higher-margin specialty product offerings.

200 South Wilcox Drive
Kingsport, TN, 37662
T +1 423 229-2000
Sector Basic Materials
Industry Chemicals
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 14,500