- More than 10% capacity increases incoming in 2022, recovering the year from factory downtime in the first quarter.
- Pricing continues to be the main driver of growing revenues, and it is staying ahead of input costs handily.
- We think that Tronox resists a commodity reversal because of its housing connection, a market we continue to be quite bullish on.
- Being vertically integrated, especially with respect to Titanium, advantages them strategically, and we think their mid-cycle position isn't reflected in the multiple.
For further details see:
Tronox Is Going To Be Quite Resilient To A Commodity Reversal