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13	member 8/02/24 10:24AM Down 20% today, any updated perspective?
Know WL86 inquired a few weeks ago but thought today warranted another prompt...seems interesting on today's capitulation on their mid-cycle but perhaps management has questionable credibility? view available tags
12	member 7/12/24 4:39AM Update
@rjm59 thanks for the original write up and subsequent follow ups. Great detail and agree with all prior praise for the note. What are your thoughts here? It seems like some aspects of the original maths... login to read the rest view available tags
11	member 1/12/23 8:17AM Re: Questions 10
Hi - see below. Tried to make responses correspond to # of questions and would note in some cases we think we covered a few items in the earlier and initial responses. Thanks for the... login to read the rest 2 view available tags
9	member 12/08/22 12:12PM Re: Re: Meeting with Management 8
Agree with RJM’s comments. Yes, specialty volumes are a major question in a recession. Yet there is a straightforward way to think about this. When global transportation diminished massively in 2020, Specialty volumes reduced 8% year... login to read the rest view available tags
8	member 12/08/22 10:31AM Re: Meeting with Management 7
Good questions. They are all reasonable and I can hear and share your frustration. What you are asking should be known or knowable, but communication from this team is lacking. Behind the scenes, Corning is... login to read the rest 1 view available tags
6	member 11/14/22 8:22AM Q3 Update and Rubber Black Outlook
We wanted to provide a brief update on Orion following Q3 2022 earnings in early November as there were two things that are noteworthy. 1. Orion provided an update on rubber black contracting for 2023 ~... login to read the rest 3 view available tags
5	member 7/01/22 12:51PM Agree & German nat gas comment
Thanks rjm59. We largely agree with your thesis regarding irrational market price expecially given exceptional growth opportunities (rubber step change for US EPA and secular growth in high ROIC specialty and acetylene applications). Where does... login to read the rest 1 view available tags
4	member 6/19/22 8:46AM Re: Acetylene black and Denka 3
Responding to everyone here: Thanks for the comments and questions and appreciate kind words, Maggie1002. We are puzzled by stock reaction. We understand concerns about chemicals and other cyclical as leading indictors but sell off feels indiscriminate... login to read the rest 7 view available tags
2	member 6/15/22 4:52PM Re: Absolutely agree! 1
I have been hearing about the looming inflection in carbon black and tight supply/demand since OEC went public. why hasn't it happened as they moved capacity to specialty and idled capacity as it was retrofitted... login to read the rest 4 view available tags
1	member 6/15/22 1:49PM Absolutely agree!
RJM59, thanks for posting OEC with a thorough framing of this attractive investment opportunity. I was working towards doing the same but wanted to close some loops with Wendy next week. Now I must focus... login to read the rest 2 view available tags

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			2009	2010
Price:	19.40	EPS	$2.73	$3.22
Shares Out. (in M):	42	P/E	7.1x	6.0x
Market Cap (in $M):	820	P/FCF	7.1x	6.0x
Net Debt (in $M):	-64	EBIT	185	216
TEV (in $M):	756	TEV/EBIT	4.0x	3.5x

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