Westlake: My Year-End 2025 Update Implies Difficult Macro

2025-12-09 18:38:07 ET

I've been covering Westlake ( WLK ) for a few years now - it remains one of the chemical businesses I'm perhaps the most uncertain about. This is expressed through my last article rating for the company, which, despite a significant decline in 2025, came in at a "HOLD" rating. Since that article, the share price has declined even further, down 17.59%, despite the fact that the market in the meantime is up over 9%. This sort of underperformance is well beyond a statistical aberration and, in my view, reflects a fundamental lack of confidence in the company and its near-term prospects. I also lowered my fair value in that article....

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