Valuation Complicates An Otherwise Interesting Story At W.R. Grace

W.R. Grace's (NYSE:GRA) shares have enjoyed a healthy valuation for most, if not all, of the time since the company emerged from bankruptcy, and that probably explains at least some of the underperformance relative to other specialty chemical companies like Albemarle (NYSE:ALB), BASF (OTCQX:BASFY), and Evonik (OTCPK:EVKIF) over the last few years. And that's the problem with valuation - there is a lot to like about W.R. Grace, one of the leaders in an oligopolistic sector and a chemicals company with uncommonly good margins, but it takes some stretching to drive an attractive fundamentals-based fair value.

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Valuation Complicates An Otherwise Interesting Story At W.R. Grace