Financials Dow Inc.

Equities

DOW

US2605571031

Commodity Chemicals

Real-time Estimate Cboe BZX Other stock markets 12:35:01 2024-05-10 pm EDT			5-day change	1st Jan Change
59.36 ^USD	-0.14%		+4.25%	+8.43%

May. 08	Canadian Utilities plans C$2 billion Alberta natural gas pipeline	RE
May. 06	Barclays Adjusts Price Target on Dow to $60 From $58, Keeps Equalweight Rating	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	41,806	-	-
Enterprise Value (EV) ¹	55,153	52,791	53,635	46,998	50,564	54,653	54,832	54,446
P/E ratio	-29.7 x	33.8 x	6.77 x	8.02 x	66.9 x	19.5 x	14.3 x	12.1 x
Yield	3.84%	5.05%	4.94%	5.56%	-	4.71%	4.96%	5.22%
Capitalization / Revenue	0.94 x	1.06 x	0.76 x	0.62 x	0.86 x	0.94 x	0.89 x	0.86 x
EV / Revenue	1.28 x	1.37 x	0.98 x	0.83 x	1.13 x	1.23 x	1.17 x	1.12 x
EV / EBITDA	7.57 x	9.45 x	4.33 x	5.03 x	9.38 x	8.6 x	7.27 x	6.59 x
EV / FCF	13.9 x	10.6 x	9.74 x	8.32 x	17.8 x	23.2 x	29.2 x	20.6 x
FCF Yield	7.2%	9.42%	10.3%	12%	5.62%	4.31%	3.43%	4.85%
Price to Book	3 x	3.32 x	2.3 x	2.04 x	2.03 x	2.29 x	2.25 x	2.15 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	59.45	59.45	59.45
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	44,275	46,966	48,653
EBITDA ¹	7,290	5,589	12,375	9,348	5,389	6,353	7,537	8,261
EBIT ¹	4,352	2,715	9,533	6,590	2,778	3,505	4,666	5,392
Operating Margin	10.13%	7.04%	17.34%	11.58%	6.23%	7.92%	9.94%	11.08%
Earnings before Tax (EBT) ¹	-1,247	2,071	8,145	6,090	656	2,883	4,030	4,730
Net income ¹	-1,359	1,225	6,311	4,582	589	2,239	2,981	3,601
Net margin	-3.16%	3.18%	11.48%	8.05%	1.32%	5.06%	6.35%	7.4%
EPS ²	-1.840	1.640	8.380	6.280	0.8200	3.048	4.147	4.921
Free Cash Flow ¹	3,969	4,974	5,508	5,652	2,840	2,358	1,881	2,643
FCF margin	9.24%	12.91%	10.02%	9.93%	6.36%	5.33%	4%	5.43%
FCF Conversion (EBITDA)	54.44%	89%	44.51%	60.46%	52.7%	37.12%	24.96%	32%
FCF Conversion (Net income)	-	406.04%	87.28%	123.35%	482.17%	105.34%	63.1%	73.39%
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	11,038	11,322	11,191	11,393	11,788
EBITDA ¹	2,920	3,171	3,059	1,863	1,255	1,356	1,534	1,283	1,216	1,394	1,592	1,721	1,632	1,808	1,923
EBIT ¹	2,265	2,419	2,375	1,195	601	708	885	626	559	674	862.8	1,003	913.5	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%	7.82%	8.86%	8.16%	9.83%	10.7%
Earnings before Tax (EBT) ¹	2,118	2,055	2,169	1,001	865	-120	711	417	-352	449	726.7	876.9	757.5	980.5	1,137
Net income ¹	1,736	1,569	1,661	739	613	-93	485	302	-105	516	533	654.8	566	710.5	825.5
Net margin	12.09%	10.28%	10.6%	5.24%	5.17%	-0.78%	4.25%	2.81%	-0.99%	4.79%	4.83%	5.78%	5.06%	6.24%	7%
EPS ²	2.320	2.110	2.260	1.020	0.8500	-0.1300	0.6800	0.4200	-0.1500	0.7300	0.7279	0.8903	0.7648	1.010	1.170
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	0.7463	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	12,848	13,027	12,640
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.004 x	2.148 x	0.9442 x	1.234 x	2.245 x	2.022 x	1.728 x	1.53 x
Free Cash Flow ¹	3,969	4,974	5,508	5,652	2,840	2,358	1,881	2,643
ROE (net income / shareholders' equity)	11.4%	9.49%	44.2%	23.5%	7.94%	11.6%	15.7%	18.5%
ROA (Net income/ Total Assets)	3.65%	2.02%	10.9%	15.1%	2.7%	3.66%	6.46%	6.23%
Assets ¹	-37,205	60,601	58,011	30,368	21,783	61,117	46,150	57,846
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	6.260	7.850	8.780
Capex ¹	1,961	1,252	1,501	1,823	2,356	2,995	3,126	3,209
Capex / Sales	4.57%	3.25%	2.73%	3.2%	5.28%	6.76%	6.66%	6.6%
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

59.45 USD

Average target price

61.5 USD

Spread / Average Target

+3.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Plastics

	1st Jan change	Capi.
DOW INC.	+8.41%	41.81B
LG CHEM, LTD.	-20.24%	21.99B
FORMOSA PLASTICS CORPORATION	-13.51%	13.29B
FORMOSA CHEMICALS & FIBRE CORPORATION	-9.15%	10.12B
COVESTRO AG	-7.97%	9.92B
THE SUPREME INDUSTRIES LIMITED	+16.02%	8.22B
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.	+12.40%	7.03B
YUNNAN ENERGY NEW MATERIAL CO., LTD.	-22.18%	5.92B
LOTTE CHEMICAL CORPORATION	-29.11%	3.31B
ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.	-22.78%	3.28B

Plastics