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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-02-28 00:00:00",
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      "text": "Huntsman is focused on downstream systems, yet seems to have the lowest average margins among peers.",
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      "text": "Cycle Average EBITDA Margin",
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      "text": "Historical LTM Adjusted EBITDA Margin – Huntsman vs. Peers",
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      "text": "EBITDA margin: 16%",
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      "text": "Among peers, Huntsman's Polyurethanes division generates the greatest proportion of sales from higher-margin downstream systems, yet the business seems to be the least profitable through cycle.",
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      "text": "But even without the growth of more MDI -- crude MDI, we're continuing to take the crude MDI that we're selling into the market...and moving that into our formulation and downstream system houses as aggressively as we can. And that will be the area of the business that we'll continue to see the growth in the margin expansion going forward.",
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      "text": "\"But even without the growth of more MDI -- crude MDI, we're continuing to take the crude MDI that we're selling into the market...and moving that into our formulation and downstream system houses as aggressively as we can. And that will be the area of the business that we'll continue to see the growth in the margin expansion going forward.\" — Peter Huntsman, President & CEO, July 2017",
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      "kind": "source-note",
      "text": "Source: Public company filings. (1) Calculated as cumulative EBITDA from December 2017 to June 2020 divided by cumulated revenue from December 2017 to June 2020...",
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      "text": "Despite a Systems Orientation, Huntsman Seems to Have the Lowest Cycle Average Margins Among Polyurethane Peers",
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