Specialty Chemicals


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. The Sherwin-Williams Company SHW5,2125,0665,1855,4086,1247,1917,8108,0057,9807,0947,7768,7669,53410,18611,13011,33911,85614,98417,53417,901
2. PPG Industries, Inc PPG8,6568,1958,0938,7859,55310,23911,08111,25415,90112,41713,63715,06215,34915,23915,62015,47514,92714,89815,48815,235
3. Ecolab Inc ECL2,2642,3553,4043,7624,1854,5354,8965,4706,1385,9016,0906,79911,83913,25314,28113,54513,15313,83814,66814,906
4. Celanese Corporation CE4,6035,0696,0706,6566,4446,8235,1265,9236,7616,4117,2396,7935,6695,3916,1347,1506,302
5. RPM International Inc RPM1,9542,0081,9862,0832,3422,5563,0083,3393,6443,3683,4133,3823,7774,0794,3764,5954,8144,9585,3225,5655,507
6. International Flavors & Fragrances Inc IFF1,4631,8441,8091,9022,0341,9932,0952,2772,3892,3262,6232,7882,8212,9533,0893,0233,1163,3993,9785,140
7. Axalta Coating Systems Ltd AXTA4,2573,9874,3924,1134,0974,3774,6964,482
8. Albemarle Corporation ALB9189171,0111,1101,5142,1082,3692,3362,4672,0052,3632,8692,7452,6162,4463,6512,6773,0723,3753,589
9. H.B. Fuller Company FUL1,3531,2741,2561,2871,4101,5121,4721,4001,3921,2351,3561,5581,8862,0472,1042,0842,0952,3063,0412,897
10. Ashland Global Holdings Inc ASH8,0427,7937,6117,5648,3499,3297,2467,8198,3818,1069,0126,5028,2067,8136,1215,3873,0192,3092,5892,4932,326
11. NewMarket Corporation NEU8217246567568941,0761,2631,3751,6171,5301,7972,1502,2232,3022,3352,1412,0492,1982,2902,190
12. Venator Materials PLC VNTR1,5492,1622,3092,2092,2652,130
13. Valaris plc VAL1,4831,9212,1272,2482,4412,7142,9783,2493,4822,8793,2273,9534,0214,1044,5224,4414,0634,1912,7761,8431,7052,053
14. W. R. Grace & Co GRA1,5971,7231,8171,9812,2602,5702,8273,1153,3172,8252,6753,2123,1563,0613,2433,0521,5991,7171,9321,958
15. Valhi, Inc VHI1,1921,0591,0801,2201,3201,3931,4811,4921,4851,2721,5932,0842,1581,9521,9051,5651,5671,8791,8201,938
16. Stepan Company SCL6997127497859361,0781,1731,3301,6001,2761,4311,8431,8041,8811,9271,7761,7661,9251,9941,859
17. Element Solutions Inc ESI7317468432,5423,5863,7761,9611,836
18. Minerals Technologies Inc MTX6716847538309249961,0591,0781,1129071,0021,0451,0061,0181,7251,7981,6381,6761,8081,791
19. Rayonier Advanced Materials Inc RYAM1,0951,0479589418699612,1341,775
20. PQ Group Holdings Inc PQG3973891,0641,4721,6081,567
21. Innospec Inc IOSP4224214524624815285326026415996837747768199611,0128831,3071,4771,513
22. Sensient Technologies Corporation SXT8098179409871,0471,0241,0991,1851,2531,2011,3281,4311,4591,4681,4481,3761,3831,3621,3871,323
23. Ingevity Corporation NGVT1,0419589089721,1341,293
24. Quaker Chemical Corporation KWR2682512753404014244605465824515446837087297667387478208681,134
25. Ferro Corporation FOE1,4471,5011,5281,6221,8441,8822,0422,2052,2451,6582,1022,1561,7691,6351,1121,0751,1451,3971,6121,018
26. GCP Applied Technologies Inc GCP1,4421,4801,0921,0471,0841,1251,014
27. Balchem Corporation BCPC334660626783101176232219255292310337541552553595644644
28. Livent Corporation LTHM264347443388
29. Chase Corporation CCF697169758791108127132108119123149216224238238253284281261
30. FutureFuel Corp FF19721931013.024453423008.371.88291205
31. 5N Plus Inc FPLSF12.5320316468185554460507311232220218196
32. Amyris, Inc AMRS13.896580147744143346714364153
33. Flotek Industries, Inc FTK14.842253101158226113147259314371449334263317178119
34. Advanced Emissions Solutions, Inc ADES05.75.868.4211.0315.4919.2516.1920225321313.2916.926351362470
35. Northern Technologies International Corporation NTIC11.039.277.598.3510.9214.8216.6116.8312.698.5814.3919.53232327303340515648
36. Flexible Solutions International Inc FSI1.331.112.323.396.718.377.4310.769.7811.4915.5216.415.815.9115.916.2515.4917.8327
37. EcoSynthetix Inc ECSNF2.4115.942119.622218.8114.5813.2817.892318.45
38. IKONICS Corporation IKNX10.3710.7511.812.1113.6813.9714.8915.8315.8515.1216.5216.7817.3117.4918.4917.5617.5717.2418.2117.62
39. Ceapro Inc CRPOF6.147.6510.6713.6712.9311.5912.88
40. Nanophase Technologies Corporation NANX4.274.045.45.455.216.88.9912.2110.216.329.469.6510.049.599.9410.3110.7812.4714.1912.51
41. Nocopi Technologies, Inc NNUP1.230.770.740.570.630.530.771.390.940.670.660.710.640.750.920.951.381.573.342.54
42. BioLargo, Inc BLGO0.830.75000000.0800.140.160.160.070.170.110.130.280.521.361.86
43. Burcon NutraScience Corporation BUROF000000.030.090.110.110.090.050.040.03
44. Lightwave Logic, Inc LWLG00000000
45. Image Chain Group Limited, Inc ICGL00001.3600
46. Kraton Corporation KRA1,0901,2269681,2281,4371,4231,2921,2301,0351,7441,9602,010-0.77
47. GlyEco, Inc GLYE0.690.821.275.545.897.365.5912.076.46
48. Summit Environmental Corporation, Inc SEVT0.080.120.130.180.191.790.35
49. Energy and Environmental Services, Inc EESE0.280.170.220.317.40.121.973.8
50. Kyzen Corp KYZN5.895.615.936.01
51. Nofire Technologies, Inc NFTI0.140.240.250.430.490.540.3610.720.88
52. SIPP International Industries, Inc SIPN4255590
53. Interfoundry, Inc ITFY0.030.490.03
54. Hydromer, Inc HYDI3.935.725.796.378.698.497.878.18.017.756.25.525.746.025.835.745.455.63
55. Reflectkote, Inc RKTE00000.861.972.312.06
56. American Biltrite Inc ABLT4234174454204344454364213753082022092142092061951842012030
57. TOR Minerals International, Inc TORM15.3814.6916.27243033262825243141570.054534383939
58. United Energy Corp UNRG1.392.230.971.850.490.811.041.211.77
59. US Global Nanospace, Inc USGA0.540.11000.140.720.26


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. The Sherwin-Williams Company SHW0.970.971.021.041.131.171.091.0310.891.11.131.091.071.091.021.051.261.171.02
2. PPG Industries, Inc PPG0.950.950.991.091.091.071.081.021.410.781.11.11.020.991.030.990.9611.040.98
3. Ecolab Inc ECL1.041.041.451.111.111.081.081.121.120.961.031.121.741.121.080.950.971.051.061.02
4. Celanese Corporation CE1.11.11.21.10.971.060.751.161.140.951.130.940.830.951.141.170.88
5. RPM International Inc RPM1.031.030.991.051.121.091.181.111.090.921.010.991.121.081.071.051.051.031.071.050.99
6. International Flavors & Fragrances Inc IFF1.261.260.981.051.070.981.051.091.050.971.131.061.011.051.050.981.031.091.171.29
7. Axalta Coating Systems Ltd AXTA0.940.941.10.9411.071.070.95
8. Albemarle Corporation ALB111.11.11.361.391.120.991.060.811.181.210.960.950.931.490.731.151.11.06
9. H.B. Fuller Company FUL0.940.940.991.021.091.070.970.950.990.891.11.151.211.091.030.991.011.11.320.95
10. Ashland Global Holdings Inc ASH0.970.970.980.991.11.120.781.081.070.971.110.721.260.950.780.880.560.761.120.960.93
11. NewMarket Corporation NEU0.880.880.911.151.181.21.171.091.180.951.171.21.031.041.010.920.961.071.040.96
12. Venator Materials PLC VNTR1.41.41.070.961.030.94
13. Valaris plc VAL1.31.31.111.061.091.111.11.091.070.831.121.231.021.021.10.980.921.030.660.660.931.2
14. W. R. Grace & Co GRA1.081.081.051.091.141.141.11.11.060.850.951.20.980.971.060.940.521.071.131.01
15. Valhi, Inc VHI0.890.891.021.131.081.061.061.0110.861.251.311.040.90.980.8211.20.971.06
16. Stepan Company SCL1.021.021.051.051.191.151.091.131.20.81.121.290.981.041.020.920.991.091.040.93
17. Element Solutions Inc ESI1.021.021.133.021.411.050.520.94
18. Minerals Technologies Inc MTX0.760.761.2391.81.021.11.11.111.081.061.021.030.821.11.040.961.011.691.040.911.021.080.99
19. Rayonier Advanced Materials Inc RYAM0.960.960.920.980.921.112.220.83
20. PQ Group Holdings Inc PQG0.980.982.741.381.090.97
21. Innospec Inc IOSP111.071.021.041.11.011.131.060.931.141.1311.051.171.050.871.481.131.02
22. Sensient Technologies Corporation SXT1.011.011.151.051.060.981.071.081.060.961.111.081.021.010.990.951.010.981.020.95
23. Ingevity Corporation NGVT0.920.920.951.071.171.14
24. Quaker Chemical Corporation KWR0.940.941.091.241.181.061.091.181.070.781.211.261.041.031.050.961.011.11.061.31
25. Ferro Corporation FOE1.041.041.021.061.141.021.081.081.020.741.271.030.820.920.680.971.071.221.150.63
26. GCP Applied Technologies Inc GCP1.031.030.740.961.041.040.9
27. Balchem Corporation BCPC1.391.391.31.031.091.231.211.751.320.951.161.141.061.091.611.0211.081.081
28. Livent Corporation LTHM1.321.321.270.88
29. Chase Corporation CCF1.031.030.981.081.171.051.191.181.040.811.11.041.211.451.041.0611.061.130.990.93
30. FutureFuel Corp FF1.111.111.410.0434.180.770.880.030.22154.630.71
31. 5N Plus Inc FPLSF1.631.631.512.061.062.7330.831.10.610.740.950.990.9
32. Amyris, Inc AMRS4.654.651.241.830.50.561.050.791.972.130.442.4
33. Flotek Industries, Inc FTK1.471.472.421.91.571.430.51.311.761.211.181.210.740.791.210.560.67
34. Advanced Emissions Solutions, Inc ADESINFINF1.031.441.311.41.240.841.241.112.393.990.061.273.710.810.710.672.93
35. Northern Technologies International Corporation NTIC0.840.840.821.11.311.361.121.010.750.681.681.361.171.021.161.131.091.21.31.080.85
36. Flexible Solutions International Inc FSI0.830.832.091.461.981.250.891.450.911.171.351.060.961.0111.020.951.151.54
37. EcoSynthetix Inc ECSNF6.66.61.30.951.130.850.780.911.351.270.81
38. IKONICS Corporation IKNX1.041.041.11.031.131.021.071.0610.951.091.021.031.011.060.9510.981.060.97
39. Ceapro Inc CRPOF1.251.251.391.280.950.91.11
40. Nanophase Technologies Corporation NANX0.950.951.341.010.961.311.321.360.840.621.51.021.040.961.041.041.051.161.140.88
41. Nocopi Technologies, Inc NNUP0.630.630.950.781.10.841.451.820.680.710.991.080.891.181.231.031.461.132.130.76
42. BioLargo, Inc BLGO0.90.90NANNANNANNANINF0INF1.140.990.422.580.671.142.21.842.641.36
43. Burcon NutraScience Corporation BUROFNANNANNANNANNANINF2.911.231.010.830.560.820.77
44. Lightwave Logic, Inc LWLGNANNANINF0NANNANNANNAN
45. Image Chain Group Limited, Inc ICGLNANNANNANNANINF0NAN
46. Kraton Corporation KRA1.131.130.791.271.170.990.910.950.841.691.121.03-0
47. GlyEco, Inc GLYE1.21.21.544.371.061.250.762.160.53
48. Summit Environmental Corporation, Inc SEVT1.531.531.051.411.069.40.2
49. Energy and Environmental Services, Inc EESE0.580.581.351.423.510.0216.411.93
50. Kyzen Corp KYZN0.950.951.061.01
51. Nofire Technologies, Inc NFTI1.681.681.041.721.141.110.672.760.721.21
52. SIPP International Industries, Inc SIPN1.311.311.070
53. Interfoundry, Inc ITFY14.9114.910.06
54. Hydromer, Inc HYDI1.451.451.011.11.360.980.931.030.990.970.80.891.041.050.970.990.951.03
55. Reflectkote, Inc RKTENANNANNANNANINF2.291.180.89
56. American Biltrite Inc ABLT0.990.991.070.941.031.030.980.970.890.820.651.041.020.980.980.950.951.091.010
57. TOR Minerals International, Inc TORM0.960.961.111.481.261.070.81.070.90.961.281.321.380968.910.761.131.011.01
58. United Energy Corp UNRG1.611.610.441.90.271.651.281.161.47
59. US Global Nanospace, Inc USGA0.20.20NANINF5.10.36