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Show Notes

(00:02:48) - (First question) - An elevator pitch for Olin

(00:04:11) - Investors looking at DuPont also look at Olin from a subsector perspective

(00:05:10) - A brief history of Olin’s business

(00:08:55) - The process of creating Chloralkali and its uses

(00:12:40) - The similarities and differences when comparing the crude oil refining process and the creation of Chloralkali

(00:13:36) - The use of Olin’s chlorine in residential public pools

(00:14:03) - The breakdown of manufacturing operations of Olin, control versus outsourcing

(00:19:29) - A snapshot of the revenue percentages of Olin’s businesses

(00:20:28) - The percentage range of Olin’s cyclical commodities

(00:21:21) - The end markets that Olin integrates itself in

(00:24:02) - A background on CEO Scott Sutton and the shift in operating philosophy

(00:30:24) - Olin’s confidence in its new optimization strategies

(00:35:04) - The downside risk to Olin’s new business model

(00:37:08) - A breakdown of Olin’s CapEx spending

(00:38:32) - The margin profile and EBITDA growth, historically and how it looks now

(00:39:35) - The difficulties in forecasting and similarities with oil refinery volatility

(00:41:17) - Market futures activity and hedging

(00:43:04) - The Winchester business and its position within the overall Olin pie

(00:45:04) - The announcement to the departure of Scott Sutton and the risks posed

(00:49:26) - Other potential risks to Olin’s business moving forward

(00:50:26) - A look at Olin’s ESG ranking

(00:52:50) - Valuing the business and what investors might think about Olin

(00:54:27) - Lessons learned from researching Olin