David, Great analysis, 2 quick questions:
1. On $DOW – the current market cap as we speak is $40B, does that mean that it is under valued vs your valuation of $72B and is there a co-relation between NG prices and impact on DOW EBITDA that one can approximate?
2. On $DWDP (Dupont + Corteva), your equity valuation is $110 which includes Dupont & Corteva correct? th current market cap is $72B which trades nearly at a 35% discount is my understanding correct?
Based on what i read, both are relatively undervalued BUT $DOW (New) has challenges relating to market cycle and also dependent on feedstock prices, $DWDP is a better bet with a looming spin off ? Appreciate your insights – Ash