Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>WTR-CMI this week. In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy S&amp;P 500 declined 1.4%, with the Russell 2000 inching up 0.1%.</li><li>Strong rebounds in NGVT, ECVT, LAC, PLL, and AXTA nearly offset sharp declines in EAF, CMP, and HXL. YTD, our index is slightly outperforming the Russell 2000, increasing 10.4% versus the broader index’s 9.0% improvement, although both trail the S&amp;P 500’s 20.1% increase.</li><li>On a Y/Y basis, the WTR-CMI Index has narrowed the performance gap with the S&amp;P 500, improving 32.9% versus the large-cap index’s 35.2% appreciation, with the Russell 2000 bringing up the rear with a 32.4% rebound.</li></ul>

WTR-CMI this week. In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy S&amp;P 500 declined 1.4%, with the Russell 2000 inching up 0.1%.Strong rebounds in NGVT, ECVT, LAC, PLL, and AXTA nearly offset sharp declines in EAF, CMP, and HXL. YTD, our index is slightly outperforming the Russell 2000, increasing 10.4% versus the broader index’s 9.0% improvement, although both trail the S&amp;P 500’s 20.1% increase.On a Y/Y basis, the WTR-CMI Index has narrowed the performance gap with the S&amp;P 500, improving 32.9% versus the large-cap index’s 35.2% appreciation, with the Russell 2000 bringing up the rear with a 32.4% rebound.

Mat-Chem Notes - Supply-Demand Balancing Act and Geopolitics of Energy Transition

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was up 0.6% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (down 0.5%) and the Nasdaq Index (up 0.1%).</li><li>Energy Technology (13.2% of the index) was down 1.6%, while Industrial Climate and Ag Technology (46.3% of the index) was up 0.5%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (21.2% of index) was up 2.0%.</li><li>Top 10 Performers: PEV, EVGO, NXH, EAF, CRE, AZRE, SPI, BNET, GIGA, PLL</li></ul>

The WTR Sustainable Index was up 0.6% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (down 0.5%) and the Nasdaq Index (up 0.1%).Energy Technology (13.2% of the index) was down 1.6%, while Industrial Climate and Ag Technology (46.3% of the index) was up 0.5%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (21.2% of index) was up 2.0%.Top 10 Performers: PEV, EVGO, NXH, EAF, CRE, AZRE, SPI, BNET, GIGA, PLL

Sustainable Investing Surveyor -  Focus on Verde Clean Fuels, Inc. (VGAS)

<ul><li>WTR-CMI last week. Driven by the recovery in lithium stocks, our WTR-CMI index of 30 specialty chemicals and materials technology stocks rose 1.7% for the week, handily outperforming mostly flattish performance of large cap tech-heavy S&amp;P 500 as well as the broader Russell 2000 indices.</li><li>YTD the WTR-CMI continues to outperform the Russell 2000 (13.6% vs. 9.8%) and on YoY basis our index nearly kept up with S&amp;P 500’s strong 33.8% rise by appreciating 31.1% compared to Russell 2000’s 24.6% improvement.</li><li>Hurricane season kicks into high gear. While the impact of hurricane Helena are still being assessed, Francine’s impact on oil and gas production and barge traffic are already being felt in the markets, with gulf coast oil production down nearly 40% and natural gas production down nearly 50%, with barge fleets staying away from the region until weather settles, which now looks to be delayed due to Helena’s destructive path.</li></ul>

WTR-CMI last week. Driven by the recovery in lithium stocks, our WTR-CMI index of 30 specialty chemicals and materials technology stocks rose 1.7% for the week, handily outperforming mostly flattish performance of large cap tech-heavy S&amp;P 500 as well as the broader Russell 2000 indices.YTD the WTR-CMI continues to outperform the Russell 2000 (13.6% vs. 9.8%) and on YoY basis our index nearly kept up with S&amp;P 500’s strong 33.8% rise by appreciating 31.1% compared to Russell 2000’s 24.6% improvement.Hurricane season kicks into high gear. While the impact of hurricane Helena are still being assessed, Francine’s impact on oil and gas production and barge traffic are already being felt in the markets, with gulf coast oil production down nearly 40% and natural gas production down nearly 50%, with barge fleets staying away from the region until weather settles, which now looks to be delayed due to Helena’s destructive path.

Mat-Chem Notes -  Hurricanes, Port Strikes, Geopolitics, and Crosscurrents in EVs

<ul><li>WTR-CMI last week. In a down week for the market, with both the S&amp;P 500 and Russell 2000 declining 4.2% and 5.7%, respectively, 29 of the 30 stocks in our WTR-CMI Index likewise saw their prices fall 4.0%, with AVD being the only exception, appreciating 9.1% for the week.</li><li>YTD, the S&amp;P 500, heavily weighted toward tech and internet stocks, has increased 13.4%, while our WTR-CMI Index has increased 7.2%, outperforming the broader Russell 2000’s 3.2% rise, despite lithium stocks’ 50%- plus declines.</li><li>Recycled plastics market gaining acceptance. LYB announced the acquisition of German APK AG, a mechanical plastics recycler to bolster its circular economy and low-carbon credentials, while AVTN launched a pigment additive for plastics used in automotive plications made from recycled tires, as an alternative to carbon black, again aiming at helping its customers reduce their carbon impact while improving its own circular economy efforts.</li></ul>

WTR-CMI last week. In a down week for the market, with both the S&amp;P 500 and Russell 2000 declining 4.2% and 5.7%, respectively, 29 of the 30 stocks in our WTR-CMI Index likewise saw their prices fall 4.0%, with AVD being the only exception, appreciating 9.1% for the week.YTD, the S&amp;P 500, heavily weighted toward tech and internet stocks, has increased 13.4%, while our WTR-CMI Index has increased 7.2%, outperforming the broader Russell 2000’s 3.2% rise, despite lithium stocks’ 50%- plus declines.Recycled plastics market gaining acceptance. LYB announced the acquisition of German APK AG, a mechanical plastics recycler to bolster its circular economy and low-carbon credentials, while AVTN launched a pigment additive for plastics used in automotive plications made from recycled tires, as an alternative to carbon black, again aiming at helping its customers reduce their carbon impact while improving its own circular economy efforts.

Mat-Chem Notes - Weakness of Industrial, Ag, and EV Markets Leaves Few Options

<ul><li>The WTR Sustainable Index was up down 2.0% W/W versus the S&amp;P 500 Index (down 1.6%), the Russell 2000 Index (down 2.9%), and the Nasdaq Index (down 0.6%).</li><li>Energy Technology (12.4% of the index) was down by 4.6%, while Industrial Climate and Ag Technology (57.1% of the index) was down by 1.9%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (24.1% of index) was down 2.2%.</li><li>Top 10 Performers: WAVE, AMRS, ZEV, TPCS, KULR, VIEW, CRGE, NHHH, EAF, AGX</li></ul>

The WTR Sustainable Index was up down 2.0% W/W versus the S&amp;P 500 Index (down 1.6%), the Russell 2000 Index (down 2.9%), and the Nasdaq Index (down 0.6%).Energy Technology (12.4% of the index) was down by 4.6%, while Industrial Climate and Ag Technology (57.1% of the index) was down by 1.9%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (24.1% of index) was down 2.2%.Top 10 Performers: WAVE, AMRS, ZEV, TPCS, KULR, VIEW, CRGE, NHHH, EAF, AGX

Weekly Sustainable Investing Surveyor - Week Ended April 12, 2024

United States

GrafTech International Ltd. manufactures and provides natural and synthetic graphite and carbon based products and services. The Company offers graphite electrodes, petroleum needle coke, crystalline form of carbon, and energy solutions for manufacture of steel, aluminum, silicon metal, automotive products, and electronics. GrafTech International serves customers worldwide.

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GrafTech International Ltd (EAF US)

Mat-Chem Notes - Supply-Demand Balancing Act and Geopolitics of Energy Transition

In a tough week for the market, the WTR- CMI Index of 30 specialty chemicals and materials technology stocks dipped 0.6%, while the large-cap heavy...

Water Tower Research

Sustainable Investing Surveyor - Focus on Verde Clean Fuels, Inc. (VGAS)

The WTR Sustainable Index was up 0.6% W/W versus the S&P 500 Index (up 0.2%), the Russell 2000 Index (down 0.5%) and the Nasdaq Index (up 0.1%).

Water Tower Research

Mat-Chem Notes - Hurricanes, Port Strikes, Geopolitics, and Crosscurrents in EVs

Driven by the recovery in lithium stocks, our WTR-CMI index of 30 specialty chemicals and materials technology stocks rose 1.7% for the week

Water Tower Research

Mat-Chem Notes - Weakness of Industrial, Ag, and EV Markets Leaves Few Options

YTD, the S&P 500, heavily weighted toward tech and internet stocks, has increased 13.4%, while our WTR-CMI Index has increased 7.2%, outperforming...

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended April 12, 2024

The WTR Sustainable Index was up down 2.0% W/W versus the S&P 500 Index (down 1.6%), the Russell 2000 Index (down 2.9%), and the Nasdaq Index (down...

Water Tower Research

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