https://www.avient.com/news/robert-m-patterson-becomes-ceo-polyone-corporation-shareholders-approve-all-proposals-2014-annual-meeting
Newlin, Richard H.
Lorraine, William H.
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-earnings-presentation_0.pdf
D
is
t.
)
K
W
R
P
P
G
A
V
Y
F
U
L
R
P
M
G
C
P
F
M
C
H
X
L
H
U
N
E
C
L
A
S
H
E
M
N
C
E
S
C
L
Source: Peer data per Bloomberg market data as of October 25, 2021
Avient reflects 2021 estimated revenue of $4,750M and estimated CAPEX of $80M (excludes one-time synergy capture CAPEX of $20M)
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
Free Cash Flow Conversion (1)
2021E (%)
Being asset light helps us to generate
strong free cash flow that is in line
with specialty formulators.
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
H I G H F R E E C A S H F L OW
C O N V E R S I O N
Avient reflects 2021 estimated EBITDA of $580M and estimated CAPEX of $80M (excludes one-time synergy capture CAPEX of $20M)
Source: Peer data per Bloomberg market data as of October 25, 2021
86
92
85
82
79
77
74
89
83 82
80 79 79 78 78
72
33
A
vi
e
n
t
K
W
R
P
P
G
A
V
Y
F
U
L
R
P
M
G
C
P
F
M
C
U
N
V
R
C
E
H
X
L
B
N
R
A
S
H
E
C
L
E
M
N
H
U
N
S
C
L
A
L
B
(12)
Source: Peer data per Bloomberg market data as of October 25, 2021
Total Enterprise Value / 2021E EBITDA
Our current valuation with updated
guidance implies an EBITDA multiple
that is below specialty formulator
peers and the median of other
selected chemical / specialty
companies.
With the Clariant Color business
acquisition and divestment of the
PP&S business, our exposure is now
concentrated in less-cyclical and
high-growth markets, with increased
geographic diversification and a more
specialized portfolio that can
significantly expand EBITDA margins.
24
Avient reflects 2021 estimated EBITDA of $580M
O U R VA LUATI O N V E R S U S P E E R S
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
11.0
18.3
16.3
15.4
14.5
11.6 11.1
36.2
28.0
24.9
13.0
11.5 11.3
10.0
9.2 8.8
7.7
6.7
A
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P
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A
V
Y
R
P
M
F
U
L
G
C
P
A
L
B
H
X
L
E
C
L
A
S
H
F
M
C
B
N
R
S
C
L
U
N
V
R
E
M
N
C
E
H
U
N
S U M M A RY: W H Y I N V E S T I N AV I E N T ?
https://www.avient.com/sites/default/files/2021-04/avient-q4-earnings-and-2021-outlook-website.pdf
Microsoft PowerPoint - Avient Q4 Earnings and 2021 Outlook PRINT
AVIENT CORPORATION
F O U R T H Q U A R T E R 2 0 2 0 R E S U L T S
A N D 2 0 2 1 F I N A N C I A L G U I D A N C E
(NYSE: AVNT)
F E B R U A R Y 9 , 2 0 2 1
D I S C L A I M E R
2
Forward-Looking Statements
In this presentation, statements that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
Median: 83% Median: 76%
H I G H F R E E C A S H F L OW
C O N V E R S I O N
Avient reflects 2021 estimated EBITDA of $510M and excludes one-time synergy capture CAPEX ($20M)
Source: Peer data per Bloomberg market data as of February 5, 2021
85 87 86 86
81 81
59
92
88
81 79 79 79
76 76 75
73
67 67
64
60
7
A
vi
e
n
t
P
P
G
K
W
R
R
P
M
F
U
L
A
V
Y
G
C
P
IF
F
F
M
C
U
N
V
R
H
X
L
E
M
N
B
N
R
E
C
L
C
E
A
S
H
F
O
E
G
R
A
H
U
N
K
R
A
S
C
L
A
L
B
Source: Peer data per Bloomberg market data as of February 5, 2021
Total Enterprise Value / 2021E EBITDA
Our current valuation implies an
EBITDA multiple that is significantly
below specialty formulator peers and
our historic valuations, when the
company had considerable exposure
to more cyclical and challenging end
markets.
With the Clariant Masterbatch
acquisition and divestment of the
PP&S business, our exposure is now
concentrated in less-cyclical and
high-growth markets, with increased
geographic diversification and a more
specialized portfolio that can
significantly expand EBITDA margins.
24
Avient reflects 2021 estimated EBITDA of $510M
O U R VA LUATI O N V E R S U S P E E R S
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
9.5
21.1
13.2 13.2
12.0 12.0
9.7
25.2
23.1
14.7
13.5
12.9
11.0 11.0 11.0 10.2
9.6 9.3 9.3 9.1 8.6 8.3
A
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W
R
A
V
Y
R
P
M
G
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P
G
F
U
L
A
L
B
E
C
L
H
X
L
IF
F
F
M
C
G
R
A
B
N
R
F
O
E
A
S
H
C
E
S
C
L
U
N
V
R
E
M
N
H
U
N
K
R
A
Median: 11.0xMedian: 12.6x
S U M M A RY: W H Y I N V E S T I N AV I E N T ?
https://www.avient.com/sites/default/files/2023-08/OnColor Lux Colorants for Glow-In-The-Dark Effects Product Bulletin.pdf
The portfolio includes color concentrates for
the typical yellowish green, blue, blue-green, aqua
and violet glow emissions.
https://www.avient.com/sites/default/files/2020-09/stat-tech-tri-fold-processing-guide.pdf
Base Resin PC PC/PSU PES PEI PP ABS PEEK PA
Barrel Temperatures* °F (°C)
Rear Zone
530–560
(277–293)
550–575
(288–302)
660–700
(349–371)
675–725
(357–385)
390–420
(199–216)
425–460
(219–238)
680–730
(360–388)
430–500
(221–260)
Center Zone
515–560
(269–288)
540–565
(282–296)
650–690
(343–366)
655–710
(352–377)
380–405
(193–207)
415–450
(213–232)
670–710
(354–377)
420–490
(216–254)
Front Zone
510–525
(266–274)
530–555
(277–291)
640–680
(338–360)
655–700
(346–371)
370–395
(188–202)
405–440
(207–227)
650–690
(343–366)
410–480
(210–249)
Nozzle
520–535
(271–280)
540–565
(282–296)
650–690
(343–366)
665–710
(352–377)
380–400
(193–204)
415–450
(213–232)
660–700
(349–371)
420–490
(216–254)
Melt
Temperature
525–560
(274–293)
530–580
(277–304)
650–700
(343–371)
660–730
(349–388)
375–395
(191–202)
410–460
(210–238)
650–730
(343–388)
420–500
(216–260)
Mold
Temperature
175–250
(80–121)
160–220
(71–104)
280–350
(138–177)
275–350
(135–177)
100–135
(38–57)
150–180
(66–82)
300–425
(149–219)
160–230
(71–110)
Pack & Hold
Pressure
50%–75%
of Injection Pressure
Injection
Velocity
in/s
0.5–2.0
Back Pressure
psi
50
Screw Speed
rpm
40–70 40–70 40–70 40–70 40–70 40–70 40–70 40–70**
Drying
Parameters
°F (°C)
6 hrs @ 250
(121)
4 hrs @ 250
(121)
4 hrs @ 275
(135)
4 hrs @ 250
(121)
3 hrs @ 300
(150)
2 hrs @ 200
(93)
3 hrs @ 275
(135)
4 hrs @ 180
(82)
Cushion
in
0.125–0.250
Screw
Compression
Ratio
2.0:1–2.5:1 2.0:1–2.5:1 2.5:1–3.5:1 2.5:1–3.5:1 2.5:1–3.5:1 2.5:1–3.5:1 2.5:1–3.5:1 2.5:1–3.5:1
Nozzle
Type
General
Purpose
General
Purpose
General
Purpose
General
Purpose
General
Purpose
General
Purpose
General
Purpose
Reverse
Taper
Clamp
Pressure
5–6 Tons/in2
* A reverse temperature profile is important to obtain optimum conductive properties.
Only naturally balanced runner systems (“H” pattern) are recommended
https://www.avient.com/industries/consumer/consumer-discretionary/outdoor-recreation/outdoor-adventure-gear
Nymax™ / Bergamid™ Polyamide Formulations
Bergamid™ polymer formulations and GLS™ TPEs replace metal and provide comfort and usability for Swiss soldiers pocket knife
Bergamid™ Polymer Formulations and GLS™ TPEs provide comfort and usability in iconic pocket knife handle
https://www.avient.com/sites/default/files/2020-09/versaflex-pf-technical-bulletin-sept-2020.pdf
BENEFITS OF VERSAFLEX PF FOR
SURFACE PROTECTIVE FILMS:
• Customizable tack
• Single-step manufacturing process (co-
extrusion)
• Low volatile organic compound (VOC)
emissions during manufacturing
• Eliminates secondary coating and drying
operations
• Eliminates hazardous liquid chemicals
compared to solvent systems
• Reduces converting costs versus coating
• Reduces energy consumption
MARKETS AND APPLICATIONS
Versaflex PF formulations, customizable
based on desired level of tack, are co-extruded
with protective films to provide just the right
amount of protection during the fabrication,
assembly, shipment, storage and installation of
finished goods in many industries and end-use
applications including:
• Optical films and display panels for consumer
electronics
• Home appliances
• Construction and building materials
• Furniture and cabinetry
• Automotive and other transportation
100/0 90/10 80/20 70/30 60/40 40/60 30/70 20/80 10/90 0/100
0.9
1.1
2.0
2.4
2.8
3.7
3.8
4.9
0
1
2
3
4
5
6
7
8
6.5
1.6
Versaflex PF
MD6727
Versaflex PF
MD6748
Versaflex PF
MD6700
Versaflex PF
MD6666
Versaflex PF
9512
Versaflex PF
MD6649
Versaflex PF
MD6741
0
2
4
6
8
10
12
% of MD6741/MD6700
Degree of tack can be customized for substrate surfaces.
TAILORING TACK BY BLENDING VERSAFLEX PF
Film Thickness:
39 micron LDPE/13 micron Versaflex PF
F = Final tack after 7 days @ 25° C i = Initial tack after 20 mins @ 25° C
Pe
el
S
tr
en
gt
h
on
S
te
el
, N
/2
5m
m
Pe
el
S
tr
en
gt
h
on
S
te
el
, N
/2
5m
m
PEEL STRENGTH ON STAINLESS STEEL
Film Thickness:
51 micron LDPE/25 micron Versaflex PF
F
F
F
F
F
F
F
i
i
i
i
i
i
i
www.avient.com
Copyright © 2020, Avient Corporation.
https://www.avient.com/sites/default/files/2021-11/avnt-november-investor-meetings.pdf
W H O W E A R E – V I S I O N , S T R AT E G Y, C U LT U R E
3
Avient Corporation (NYSE: AVNT) provides
specialized and sustainable material solutions that
transform customer challenges into opportunities,
bringing new products to life for a better world.
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
H I G H F R E E C A S H F L OW
C O N V E R S I O N
Avient reflects 2021 estimated EBITDA of $580M and estimated CAPEX of $80M (excludes one-time synergy capture CAPEX of $20M)
Source: Peer data per Bloomberg market data as of November 8, 2021
86
93
85
83
79
77 75
89
85 83 81 79 79 78 77
74
25
A
vi
e
n
t
K
W
R
P
P
G
A
V
Y
F
U
L
R
P
M
G
C
P
F
M
C
U
N
V
R
C
E
B
N
R
H
X
L
A
S
H
E
C
L
E
M
N
H
U
N
S
C
L
A
L
B
(10)
Source: Peer data per Bloomberg market data as of November 8, 2021
Total Enterprise Value / 2021E EBITDA
Our current valuation with updated
guidance implies an EBITDA multiple
that is below many of our specialty
formulator peers.
With the Clariant Color business
acquisition and divestment of the
PP&S business, our exposure is now
concentrated in less-cyclical and
high-growth markets, with increased
geographic diversification and a more
specialized portfolio that can
significantly expand EBITDA margins.
33
Avient reflects 2021 estimated EBITDA of $580M
O U R VA LUATI O N V E R S U S P E E R S
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
11.4
20.2
16.7 16.5
14.7
12.0
10.8
40.7
29.9
26.2
13.2 12.4
11.0 10.9
9.1 9.0
7.5
6.5
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A
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R
P
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F
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P
A
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B
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L
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C
L
A
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F
M
C
B
N
R
S
C
L
U
N
V
R
E
M
N
C
E
H
U
N
S U M M A RY: W H Y I N V E S T I N AV I E N T ?
https://www.avient.com/sites/default/files/2021-02/mevopur-needle-one-pager-case-study.pdf
H Y P O D E R M I C N E E D L E
M A N U FAC T U R E R
N E E D L E H U B , C O V E R A N D
S H I E L D
• Compliance to ISO 6009 color coding for single use hypodermic
needle
• Biocompatibility of all component materials
• Good mechanical and visual properties after sterilization (e.g.
https://www.avient.com/sites/default/files/2023-10/Stat-Tech TPE - Cable Gromet - Case Study Snapshot.pdf
AU TO M O T I V E M I R R O R &
C A M E R A M A N U FA C T U R E R
C A B L E G R O M M E T
• Electrically conductive