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  "documentTitle": "Huntsman Corporation (HUN)",
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  "notes": "Used to preemptively counter management's potential future claims that these companies are not appropriate peers.",
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      "text": "Examples of Management References to Celanese, Dow, Eastman as Huntsman's Main Comparables",
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      "text": "Management has historically referred to Celanese, Dow, and Eastman as its main comparables.",
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      "text": "Over the years, on multiple occasions, management has also referred to Celanese, Dow, and Eastman as the most comparable companies to Huntsman.",
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      "text": "Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides.",
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      "text": "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio.",
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      "text": "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers.",
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      "text": "\"Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides.\" — Kimo Esplin, Former CFO, May 2017; \"We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio.\" — Kimo Esplin, Former CFO, March 2016; \"I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers.\" — Peter Huntsman, President & CEO, December 2013",
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      "text": "Source: Public company filings and transcripts.",
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