DOW
Headlines
Noting the contract win for DOW.
Nothing special or new about the contract, but it does prompt our thoughts.
Detail
Cover stocks for long enough, and you can become anchored by views at the time of initial exposure. Take DOW, an awful biz over the 2000s. But, since 2015, all the capex-intensive contract mining is gone. What’s left is a steady grower (maintenance) with good cashflows.
Very little is expected of DOW, which is a low bar to stagger over, in our view, in the meantime, getting paid a good enough yield.
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