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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 red arrow to highlight the shortfall between the target and the consensus estimate.",
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      "text": "Wall Street analysts estimated Adjusted EBITDA be 30% BELOW the Company's initial 2018 Investor Day target",
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      "text": "Adjusted EBITDA vs. 2018 Investor Day Target",
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      "text": "Adjusted EBITDA: $1,284",
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      "text": "Prior to the 2020 global pandemic, Wall Street consensus estimated Adjusted EBITDA to be $895 million in 2020, which was 30% below the Company’s initial 2018 Investor Day target.",
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      "text": "Even prior to the global pandemic, Wall Street analysts believed the Company would miss its 2018 Investor Day commitment to grow Adjusted EBITDA at a 10% CAGR through 2020.",
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      "text": "Source: CapitalIQ, Public company filings and presentations, Wall Street consensus. (1) Adjusted EBITDA pro forma for the sale of Huntsman's Chemical Intermediates business. (2) 2020 target calculated by taking 2017 Adjusted EBITDA pro forma for the sale of Chemical Intermediates (i.e. $1,040 million) then adjusting for the impact of one-time events as disclosed on pg. 18 of the Company's 2018 Investor Day presentation, which results in pro forma 2017 Adjusted EBITDA of $965 million. We then apply a 10% growth rate over three years, consistent with management targets in the Company's 2018 Investor Day presentation. (3) $125 million commodity price spike in 2017 per page 4 of the Company's Q4 2017 earnings presentation. $80 million commodity price spike in 2018 per Q1 to Q3 2018 earnings presentations.",
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      "text": "Even Before the 2020 Global Pandemic, It Seemed Clear That the Company Would Fail to Achieve Its Target",
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