The trouble with commodity businesses is that there's only so much that a company can do to control its fate. In the case of Axiall (AXLL),
the company seems to be doing well with respect to its synergy targets,
but the underlying PVC and caustic soda markets haven't improved as
much as hoped. While this could have the effect of shifting out some of
the obvious profit and cash flow leverage by a few quarters, Axiall
remains an undervalued play on a recovering housing market coupled with
company-specific margin improvement opportunities.
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Industry Headwinds Masking Some Progress At Axiall
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