Pitch Keyword: commodity chemicals, chlor-alkali, PVC, shale gas advantage, cyclical trough, China overcapacity, building products, Boral acquisition, mid-cycle valuation, Olin peer

Westlake Corp. (WLK)

Pitch Summary: Long thesis on a cyclical trough in commodity chemicals with Westlake positioned as a low-cost, fully integrated chlor-alkali/PVC producer benefiting from cheap U.S. shale gas feedstock. Current global weakness stems from China’s overcapacity, muted demand, and Ukraine-driven energy distortions. These conditions have flattened the cost curve, forcing marginal producers into losses; but capacity […]