Financials Dow Inc.

Equities

DOW

US2605571031

Commodity Chemicals

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
59.19 ^USD	+0.83%		-0.37%	+7.93%

May. 16	Dow Restarting Production at Expanded Facilities in Thailand, Germany	MT
May. 16	Dow Partnering to Recycle Waste Plastics, Produce New Plastics in US, Thailand	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	40,545	40,788	41,951	35,462	38,465	41,623	-	-
Enterprise Value (EV) ¹	55,153	52,791	53,635	46,998	50,564	54,467	54,644	54,255
P/E ratio	-29.7 x	33.8 x	6.77 x	8.02 x	66.9 x	20.6 x	14.6 x	12.6 x
Yield	3.84%	5.05%	4.94%	5.56%	-	4.73%	4.98%	5.24%
Capitalization / Revenue	0.94 x	1.06 x	0.76 x	0.62 x	0.86 x	0.94 x	0.89 x	0.85 x
EV / Revenue	1.28 x	1.37 x	0.98 x	0.83 x	1.13 x	1.23 x	1.16 x	1.11 x
EV / EBITDA	7.57 x	9.45 x	4.33 x	5.03 x	9.38 x	8.6 x	7.29 x	6.61 x
EV / FCF	13.9 x	10.6 x	9.74 x	8.32 x	17.8 x	35.5 x	28.7 x	21.1 x
FCF Yield	7.2%	9.42%	10.3%	12%	5.62%	2.82%	3.48%	4.74%
Price to Book	3 x	3.32 x	2.3 x	2.04 x	2.03 x	2.28 x	2.24 x	2.14 x
Nbr of stocks (in thousands)	740,810	734,925	739,614	703,759	701,397	703,206	-	-
Reference price ²	54.73	55.50	56.72	50.39	54.84	59.19	59.19	59.19
Announcement Date	1/29/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	42,951	38,542	54,968	56,902	44,622	44,301	46,970	48,703
EBITDA ¹	7,290	5,589	12,375	9,348	5,389	6,337	7,498	8,207
EBIT ¹	4,352	2,715	9,533	6,590	2,778	3,514	4,654	5,338
Operating Margin	10.13%	7.04%	17.34%	11.58%	6.23%	7.93%	9.91%	10.96%
Earnings before Tax (EBT) ¹	-1,247	2,071	8,145	6,090	656	2,646	3,953	4,560
Net income ¹	-1,359	1,225	6,311	4,582	589	2,110	2,913	3,431
Net margin	-3.16%	3.18%	11.48%	8.05%	1.32%	4.76%	6.2%	7.05%
EPS ²	-1.840	1.640	8.380	6.280	0.8200	2.878	4.052	4.681
Free Cash Flow ¹	3,969	4,974	5,508	5,652	2,840	1,534	1,903	2,570
FCF margin	9.24%	12.91%	10.02%	9.93%	6.36%	3.46%	4.05%	5.28%
FCF Conversion (EBITDA)	54.44%	89%	44.51%	60.46%	52.7%	24.21%	25.37%	31.31%
FCF Conversion (Net income)	-	406.04%	87.28%	123.35%	482.17%	72.7%	65.3%	74.89%
Dividend per Share ²	2.100	2.800	2.800	2.800	-	2.800	2.946	3.101
Announcement Date	1/29/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	14,364	15,264	15,664	14,115	11,859	11,851	11,420	10,730	10,621	10,765	11,025	11,352	11,207	11,357	11,697
EBITDA ¹	2,920	3,171	3,059	1,863	1,255	1,356	1,534	1,283	1,216	1,394	1,592	1,712	1,618	1,793	1,892
EBIT ¹	2,265	2,419	2,375	1,195	601	708	885	626	559	674	863.9	1,004	914.7	1,120	1,262
Operating Margin	15.77%	15.85%	15.16%	8.47%	5.07%	5.97%	7.75%	5.83%	5.26%	6.26%	7.84%	8.85%	8.16%	9.86%	10.79%
Earnings before Tax (EBT) ¹	2,118	2,055	2,169	1,001	865	-120	711	417	-352	449	672.9	798.1	671.1	874.5	1,032
Net income ¹	1,736	1,569	1,661	739	613	-93	485	302	-105	516	482.5	580.8	484.8	630.5	746
Net margin	12.09%	10.28%	10.6%	5.24%	5.17%	-0.78%	4.25%	2.81%	-0.99%	4.79%	4.38%	5.12%	4.33%	5.55%	6.38%
EPS ²	2.320	2.110	2.260	1.020	0.8500	-0.1300	0.6800	0.4200	-0.1500	0.7300	0.6719	0.8063	0.6728	0.8950	1.055
Dividend per Share ²	0.7000	0.7000	0.7000	0.7000	0.7000	0.7000	0.7000	-	-	0.7000	0.6999	0.7004	0.7009	0.7464	0.7473
Announcement Date	1/27/22	4/21/22	7/21/22	10/20/22	1/26/23	4/25/23	7/25/23	10/24/23	1/25/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,608	12,003	11,684	11,536	12,099	12,844	13,021	12,632
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.004 x	2.148 x	0.9442 x	1.234 x	2.245 x	2.027 x	1.737 x	1.539 x
Free Cash Flow ¹	3,969	4,974	5,508	5,652	2,840	1,534	1,903	2,570
ROE (net income / shareholders' equity)	11.4%	9.49%	44.2%	23.5%	7.94%	10.9%	15.4%	18.2%
ROA (Net income/ Total Assets)	3.65%	2.02%	10.9%	15.1%	2.7%	3.16%	6.16%	5.68%
Assets ¹	-37,205	60,601	58,011	30,368	21,783	66,714	47,299	60,450
Book Value Per Share ²	18.20	16.70	24.70	24.70	27.00	25.90	26.50	27.70
Cash Flow per Share ²	7.990	8.390	9.360	10.30	7.380	5.730	7.830	8.320
Capex ¹	1,961	1,252	1,501	1,823	2,356	3,000	3,106	3,150
Capex / Sales	4.57%	3.25%	2.73%	3.2%	5.28%	6.77%	6.61%	6.47%
Announcement Date	1/29/20	1/28/21	1/27/22	1/26/23	1/25/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dow Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

59.19 USD

Average target price

61.5 USD

Spread / Average Target

+3.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Plastics

	1st Jan change	Capi.
DOW INC.	+7.93%	41.62B
LG CHEM, LTD.	-20.24%	22.23B
FORMOSA PLASTICS CORPORATION	-13.76%	13.5B
FORMOSA CHEMICALS & FIBRE CORPORATION	-9.15%	10.28B
COVESTRO AG	-6.68%	9.92B
THE SUPREME INDUSTRIES LIMITED	+23.18%	8.53B
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.	+7.38%	6.72B
YUNNAN ENERGY NEW MATERIAL CO., LTD.	-26.87%	5.57B
LOTTE CHEMICAL CORPORATION	-22.19%	3.74B
ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.	-21.24%	3.41B

Plastics