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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-02-28 00:00:00",
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  "notes": "Uses a waterfall-style chart to visualize contribution margins across different end markets, highlighting the low-margin 'red' segment vs high-margin 'green' segment.",
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      "text": "We believe ~35% of the Company's revenue is tied to high volume / low-margin raw material-indexed contracts",
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      "text": "While high margin products tend to have many low volume customers, which requires greater sales intensity, we believe the Company should actively seek to repurpose MDI towards these end markets",
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      "text": "We believe ~35% of the Company’s revenue is tied to high volume / low-margin raw material-indexed contracts",
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      "text": "Estimated Contribution Margin per Ton by End Market",
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      "text": "Estimated Cycle Average Contribution Margin: 35%",
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      "text": "Despite the Company's downstream systems orientation, we believe Huntsman's Polyurethanes segment continues to favor high volume contracts in low margin end markets that negatively weigh on profitability.",
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      "text": "Source: Public company filings, presentations and transcripts, analysis from a leading consulting firm engaged in the evaluation of Huntsman's operations and performance, Starboard analysis.",
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      "text": "We believe Polyurethanes can repurpose MDI sold to low margin customers towards more attractive use cases.",
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      "text": "Specifically, We Believe the Company Should Transition Away From Two Low Margin End Markets",
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