https://www.avient.com/sites/default/files/2024-01/AVNT January IR Presentation_w Non-Gaap Recs.pdf
Avient corporation first quarter 2023 results
AVIENT CORPORATION
I N V E S T O R P R E S E N T A T I O N
(NYSE: AVNT)
J A N U A R Y 2 0 2 4
D I S C L A I M E R
Forward-Looking Statements
Certain statements contained in or incorporated by reference into this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
W H AT W E D O : W E A R E A F O R M U L ATO R
CUSTOM
FORMULATION
6
N O V E M B E R 2 , 2 0 2 3
W E B C A S T
P R E S E N T AT I O N
Complementary technologies and
customer relationships offer opportunity to
advance commercial strategy
Dyneema®, the world’s strongest fiber™, to
accelerate growth of sustainable, ultralight
and high performance applications
AVIENT PROTECTIVE MATERIALS
FIRST YEAR
8
Composites comprises over half of
Specialty Engineered Materials,
compared to 9% in 2016
Proven history of success in areas
such as outdoor high performance,
defense and sustainable solutions
Composites
44%
56%
2023E
Sales
Collaboration & InnovationComposites as a % of SEM People & Culture
Talented, passionate, and
creative associates drive
continued integration success
and allow two cultures to come
together as one Avient
Lightweight Protective Laminates:
PROJECTILE PROTECTION
Dyneema® Fiber Solutions
Cushioning + Fit + Comfort:
LONG-TERM WEAR
reSound™ Versaflex™ Thermoplastic Elastomers
Strength + Durability + Light-Weighting:
SOLID MOUNTING BRACKETS
Nymax™ Bergamid™ Complēt™ Engineered Materials
Durability + Lubricity:
HELMET LATCHES
Lubri-One™ Internally Lubricated Polymers
Color Consistency and Weatherability
CUSTOMIZED SPECIFICATIONS
Avient Color and Additive Solutions
Antennae Performance
FAST, RELIABLE CONNECTIONS
PREPERM™ Low-Loss Dielectric Thermoplastics
AVIENT PROTECTIVE MATERIALS
C R O S S S E L L I N G O P P O R T U N I T I E S
Wired Connections
CONSTANT COMMUNICATION
Syncure™ Cross-linkable Wire & Cable Formulations9
10
AVIENT PROTECTIVE MATERIALS
C R O S S S E L L I N G O P P O R T U N I T I E S
10
Q 3 P E R F O R M A N C E
15.4%
16.3%
2022 PF 2023
Results vs.
Avient reflects 2023 adjusted EBITDA guidance of $500M and estimated run-rate CAPEX of $110M.
2023E (%)
27
78
89
83 80 78
74
86
79 76
67 66
55
50
(39)
A
vi
en
t
K
W
R
FU
L
P
P
G
A
V
Y
R
P
M
FM
C
C
E
E
C
L
A
S
H
H
X
L
H
U
N
E
M
N
S
C
L
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
MULTIPLE EXPANSION
Source: Peer data per Bloomberg as of December 29, 2023
Note: Avient reflects 2023 adjusted EBITDA guidance of $500M and closing share price of $41.57.
https://www.avient.com/resources/safety-data-sheets?page=447
66461SLNS YOGA PAD LC - PMS 646 U
BLUE 5000
STAN-TONE DB-15597 HI LITE BLUE
https://www.avient.com/sites/default/files/2020-11/investing-in-avient_0.pdf
F U T U R E G ROW T H I N E XC E S S
O F G D P I S D R I V E N B Y:
Our company is positioned to sustainably grow at a rate that
exceeds GDP.
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
Source: Bloomberg market data as of November 9, 2020
Median: 82% Median: 73%
H I G H F R E E C A S H F LOW
C O N V E R S I O N
83
86 85 85
80 78
58
88
83 81 79 77 76 73 73 72 72
67
64 63 60
6
A
v
ie
n
t
K
W
R
R
P
M
P
P
G
F
U
L
A
V
Y
G
C
P
F
M
C
IF
F
U
N
V
R
B
N
R
E
M
N
E
C
L
C
E
H
X
L
F
O
E
A
S
H
G
R
A
H
U
N
K
R
A
S
C
L
A
L
B
Net Debt / 2021E EBITDA (1)
We typically operate at 2.5–3.0x net
debt to EBITDA.
Using consensus EBITDA of $466M per Bloomberg
Source: Bloomberg market data as of November 9, 2020
O U R VA LUAT I O N V E R S U S P E E R S
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
9.7
18.1
14.0 14.0 13.6
11.7
10.2
23.8
18.7
17.7
13.7
12.2
11.4 11.4 11.4 11.0 10.4
9.5 9.2
8.4 8.3 7.6
A
v
ie
n
t
K
W
R
R
P
M
P
P
G
A
V
Y
G
C
P
F
U
L
E
C
L
A
L
B
H
X
L
IF
F
F
M
C
C
E
F
O
E
A
S
H
B
N
R
G
R
A
S
C
L
E
M
N
U
N
V
R
H
U
N
K
R
A
Median: 11.4xMedian: 13.8x
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/resources/safety-data-sheets?page=5341
BLUE
PVC KENT GREEN U
PVC KENT PROCESS BLUE U
https://www.avient.com/sites/default/files/2020-10/investing-in-avient.pdf
D
is
t.
)
R
P
M
K
W
R
P
P
G
F
U
L
G
C
P
F
M
C
IF
F
H
X
L
H
U
N
F
O
E
E
M
N
E
C
L
S
C
L
K
R
A
A
S
H
C
E
G
R
A
A
L
B
As a specialty formulator, we don’t
require significant capital
investment, as compared to the
base resin raw material suppliers
we purchase from.
Whether
an additional line at an existing
manufacturing plant, or a new
facility in a growing region, we
ramp-up quickly and cost-efficiently.
17
Median: 3% Median: 5%
Capex / Revenue
2021E (%)
Source: Capital IQ market data as of August 24, 2020
AV I E N T I S A SS E T L I G H T
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
83 86 85 84 80
56
89
83 82 82 78 76 76 75 71 70 68
63 61 58
14
A
vi
e
n
t
K
W
R
R
P
M
P
P
G
F
U
L
G
C
P
F
M
C
IF
F
U
N
V
R
B
N
R
H
X
L
E
C
L
E
M
N
F
O
E
A
S
H
C
E
G
R
A
K
R
A
H
U
N
S
C
L
A
L
B
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
Source: Capital IQ market data as of August 24, 2020
Median: 84% Median: 75%
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
3.1x
2.6x
0.5x
1.9x
2.8x
3.1x
4.5x
-0.1x
1.8x
1.9x
2.2x 2.3x
2.4x
2.9x 3.0x 3.0x
3.2x
3.4x 3.4x
3.8x 3.9x
4.8x
A
vi
e
n
t
(2
0
P
F
)
A
vi
e
n
t
(2
1
E
)
G
C
P
P
P
G
R
P
M
K
W
R
F
U
L
S
C
L
B
N
R
H
U
N
E
C
L
C
E
F
M
C
A
S
H
H
X
L
E
M
N
G
R
A
A
L
B
IF
F
U
N
V
R
K
R
A
F
O
E
Net Debt / 2021E EBITDA (1)
We typically operate at 2.5–3.0x net
debt to EBITDA.
https://www.avient.com/sites/default/files/2023-03/CCG Food Handling - Application Snapshot.pdf
APPLIANCE MAKER
F O O D H A N D L I N G & C O O K I N G
C O M P O N E N T S
• Minimize yellow / amber color tone of PEI and PES that
detracts from the perception of quality for cooking and
food service appliances
• Maintain inherent heat and steam resistance of PEI and
PES
• Food contact compatibility
• Colorants counteracted yellow tones without
sacrificing heat and steam resistance
• Achieved a more intense blue-gray shade
that reinforces appliance quality and
cleanliness and improves perception of the
food
Colorant Chromaticsä Precolor and
Masterbatch Formulations
KEY REQUIREMENTS WHY AVIENT?
https://www.avient.com/resources/safety-data-sheets?page=5827
SC-29805 U NAT
SC-1928 U HGRN
STAN-TONE DB-15597 HI LITE BLUE
https://www.avient.com/resources/safety-data-sheets?page=5752
MD-53091 TAN 004387BGPED/U
MD-72527 WHITE / 009588WTPED/U
STAN-TONE DB-15597 HI LITE BLUE
https://www.avient.com/sites/default/files/2021-11/polyone-cr-sro-notarial-deed-name-change-to-avient-material-solutions-cr-sro-oct-27-2021.pdf
Petrem
Elšíkem, notářem se sídlem v Litoměřicích, na místě samém v sídle PRK Partners s.r.o. advokátní
kancelář, na adrese Jáchymova 26/2, Staré Město, 110 00 Praha 1, dle § 80a a násl. notářského řádu
o ----------------------------------------------------------------------------------------------------------------------
r o z h o d n u t í
valné hromady společnosti PolyOne ČR, s.r.o., identifikační číslo 26689537, sídlem Pobřežní
620/3, Karlín, 186 00 Praha 8, spisová značka C 87503 vedená u Městského soudu v Praze (dále
též „Společnost“), o změně obsahu společenské smlouvy (dále též „Rozhodnutí“), konané
dne 21.10.2021 v budově na adrese Jáchymova 26/2, Staré Město, 110 00 Praha 1. ------------------
I.
1.
Valná hromada Společnosti svým usnesením přijala toto ---------------------------------------
r o z h o d n u t í
o změně obsahu společenské smlouvy:
a)Společenská smlouva Společnosti se mění tak, že v článku prvním „Obchodní firma,
založení, vznik a právní forma společnosti“ odst. 1. a 2. nově zní takto: ----------------------
1.
Osvědčuje se, že rozhodnutí valné hromady dle článku III. bylo přijato a obsah rozhodnutí valné
hromady dle článku III., o němž byl notářský zápis sepsán, je v souladu s právními předpisy a
zakladatelským právním jednáním Společnosti v úplném znění. ------------------------------------------
Notář v souladu s §§ 70 a 70a notářského řádu činí toto vyjádření: ----------------------------
Předpoklady pro sepsání tohoto notářského zápisu byly splněny.
https://www.avient.com/sites/default/files/2021-03/avient-march-ir-fermium_0.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
Median: 84% Median: 77%
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 March 12, 2021
85
89
86 86
82 80
76
89
85 83 82 81
78 77 77 76 75 73
70 69
49
19
A
vi
e
n
t
K
W
R
P
P
G
R
P
M
A
V
Y
F
U
L
G
C
P
F
M
C
IF
F
H
X
L
U
N
V
R
E
C
L
A
S
H
B
N
R
F
O
E
E
M
N
C
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 March 12, 2021
Total Enterprise Value / 2021E EBITDA
Our current valuation implies an
EBITDA multiple that is below
specialty formulator peers and some
of our more highly valued chemical
peers.
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.
26
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
11.3
18.6
14.3
13.6 13.3
12.2
10.7
28.8
26.3
23.3
14.6
12.4
11.7 11.6 11.2 11.0 10.6 10.3
9.6 9.1 8.5
7.2
A
vi
e
n
t
K
W
R
A
V
Y
R
P
M
P
P
G
G
C
P
F
U
L
H
X
L
A
L
B
E
C
L
IF
F
F
M
C
A
S
H
F
O
E
B
N
R
C
E
G
R
A
E
M
N
S
C
L
U
N
V
R
K
R
A
H
U
N
Median: 11.2xMedian: 13.5x
S U M M A RY: W H Y I N V E S T I N AV I E N T ?