https://www.avient.com/sites/default/files/2021-09/avnt-seaport-conference-presentation.pdf
We are better together through:
Keeping Safety First — PolyOne and Clariant are both ACC Responsible Care® companies,
and nothing is more important than the health, safety and well-being of our people.
Clariant MB acquired July 1, 2020
COLORWORKS
I N S P I R AT I O N .
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
Median: 81% Median: 78%
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 excludes one-time synergy capture CAPEX ($20M)
Source: Peer data per Bloomberg market data as of July 28, 2021
87
90
86
82
80 78
73
87
82 82
79 79 78 78 77 76
71
67
46
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
IF
F
A
S
H
E
C
L
B
N
R
E
M
N
H
X
L
H
U
N
K
R
A
S
C
L
A
L
B
(6)
Source: Peer data per Bloomberg market data as of July 28, 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.
https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-earnings-presentation_0.pdf
Avient acquired the Clariant Color business on July 1, 2020 (the “Acquisition Date”).
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.
https://www.avient.com/sites/default/files/2020-10/auto-injector-application-study.pdf
Requirements:
Skin contact colorant certified
for ISO 10993 biocompatibility
Solution:
OnColor™ HC Plus, MEVOPUR®
5.
Requirements:
Dark mark for rapid labeling
Solution:
OnCap™ Fast Mark™ Laser
Marking Additives, MEVOPUR®
6.
Requirements:
USP Class VI skin contact
colorant for drug differentiation
Solution:
OnColor™ HC, MEVOPUR® 4
Button
5
Batch or SKU
identifier
Safety and
trigger cap
6
DRUG
CONCENTRATION 1
DRUG
CONCENTRATION 2
DRUG
CONCENTRATION 3
Patient Handling
Age or certain disease states can
severely limit patient dexterity making
the self-administration of
medication difficult and frustrating.
https://www.avient.com/sites/default/files/2021-09/avnt-q2-2021-earnings-presentation.pdf
Avient acquired the Clariant Masterbatch business (CMB) on July 1, 2020 (the “Acquisition Date”).
Clariant MB acquired July 1, 2020
COLORWORKS
I N S P I R AT I O N .
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
Median: 81% Median: 78%
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 excludes one-time synergy capture CAPEX ($20M)
Source: Peer data per Bloomberg market data as of July 28, 2021
87
90
86
82
80 78
73
87
82 82
79 79 78 78 77 76
71
67
46
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
IF
F
A
S
H
E
C
L
B
N
R
E
M
N
H
X
L
H
U
N
K
R
A
S
C
L
A
L
B
(6)
Source: Peer data per Bloomberg market data as of July 28, 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.
https://www.avient.com/sites/default/files/2022-03/AVNT Mar 2022 Presentation.pdf
We are better together through:
Keeping Safety First — PolyOne and Clariant are both ACC Responsible Care® companies,
and nothing is more important than the health, safety and well-being of our people.
D
is
t.
)
K
W
R
P
P
G
F
U
L
R
P
M
A
V
Y
F
M
C
H
U
N
H
X
L
S
C
L
E
C
L
E
M
N
C
E
A
S
H
Source: Peer data per Bloomberg market data as of February 15, 2022.
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 $635M and estimated CAPEX of $90M (excludes IT system upgrade of $25M and synergy capture CAPEX of $20M)
Source: Peer data per Bloomberg market data as of February 15, 2022
86
89
85
80
76 76
89
85
79 78 76 76 76
70 69
63
8
A
vi
e
n
t
K
W
R
P
P
G
F
U
L
A
V
Y
R
P
M
F
M
C
U
N
V
R
H
U
N
B
N
R
H
X
L
E
C
L
C
E
A
S
H
E
M
N
S
C
L
A
L
B
Source: Peer data per Bloomberg market data as of February 15, 2022
Total Enterprise Value / 2022E EBITDAWith the Clariant Color business
acquisition and divestment of the
PP&S business, our exposure is
now concentrated in less-cyclical
and high-growth markets.
https://www.avient.com/sites/default/files/2021-04/avnt-first-quarter-2021-news-release.pdf
Unless otherwise noted herein, all comparisons to prior year results are
pro forma for the Clariant Masterbatch acquisition.
The company said it is ahead of schedule in
capturing cost synergies from the Clariant Masterbatch acquisition and now expects to achieve
$45 million in the current year from the previously announced $35 million.
Pro Forma
The Company acquired the Clariant Masterbatch business (“CMB”) on July 1, 2020 (the
“Acquisition Date”).
https://www.avient.com/sites/default/files/2021-12/AVNT 2021 Investor Day_0.pdf
Avient acquired the Clariant Color business on July 1, 2020 (the “Acquisition Date”).
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
E
M
N
C
E
A
S
H
S
C
L
Source: Peer data per Bloomberg market data as of December 2, 2021
Avient reflects 2021 estimated revenue of $4,750M and estimated CAPEX of $80M (excludes one-time synergy capture CAPEX of $20M)
129Avient Corporation
474
644
1,002
107
147
216
467
616
872
2014 2018 2021E
R&D / Technical Marketing Sales
Commercial Resources
Headcount figures all Pro Forma for sale of Designed Structures and Solutions (DSS) and Performance Products and Solutions (PP&S) segments.
2021E data as of October 31, 2021.
Peer data per Bloomberg market data as of December 2, 2021.
https://www.avient.com/investor-center/news/polyone-completes-clariant-masterbatch-acquisition-announces-new-name-avient-corporation
Keeping Safety First –
and Clariant are both ACC Responsible Care® companies, and nothing is more important than the health, safety and well-being of our people.
Clariant masterbatch
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Presentation.pdf
EPS
(1)
$0.14
$2.67
$3.04
2006 2018 2022PF
TO P- TI E R S U S TA I N A B I L I T Y P E R F O R M A NC E
A N D R E C O G N I T I O N
Industry Sustainability Standards
90th
percentile
84th
ESG Ratings Performance
3
1
4
10
PEOPL E
C U L T U R E I S E V E R Y T H I N G
Community Service
7x Safer
than Industry Average
World-Class Safety
Leadership Development
Over $17 million
raised since 2010
Diversity & Inclusion
11
2 0 2 2 R E S U L T S
Q4 EBITDA BRIDGE
( P R O F O R M A T O TA L C O M PA N Y )
13
$ millions
CAI:
Price / Mix 42
Inflation (20)
SEM:
Price / Mix 14
Inflation (10)
Net Price Benefit 26
Wage and Energy Inflation (13)
Clariant Color Integration Synergies 4
Incentives, Other Employee Costs 21
FX (10)
Q4 2022 $107
Adjusted
EBITDA
Q4 2021 $ 132
Demand (50)
Russia Import Sales (3)
• Demand contraction
especially prevalent in
EMEA and Asia
• Pricing continues to cover
inflation of raw materials,
wages and energy
P ROV E N T R AC K R E C O R D O F S T RO N G A N D
I M P ROV I N G F R E E C A S H F LOW G E N E R AT I O N
14
• Periods of economic
weakness have driven
higher levels of cash
generation due to
working capital
management
• Anticipate continued
strong free cash flow
generation and
conversion despite
global uncertainty
78% 78%
80% 80% 81% 78%
84% 83%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2014 2015 2016 2017 2018 2019 2020 2021 2022
0
50
100
150
200
250
300
350
400
F
re
e
C
a
s
h
F
lo
w
C
o
n
v
e
rs
io
n
F
re
e
C
a
s
h
F
lo
w
FCF $ AVNT FCF Conversion % S&P FCF Conversion %
Note: Free cash flow conversion calculated as (Adjusted EBITDA – Capex) / Adjusted EBITDA. 2020 is pro forma for Clariant Color and 2022 is pro forma for Avient Protective Materials
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
2023E(%)
28
79
87
81 79
76
73
90
77 76 75 73
64
59
33
A
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e
n
t
K
W
R
P
P
G
F
U
L
A
V
Y
R
P
M
F
M
C
C
E
A
S
H
H
X
L
E
C
L
H
U
N
E
M
N
S
C
L
M U LT I P L E E X PA N S I O N
Avient Specialty
Formulators
Other Specialty /
Chemical Companies
Source: Peer data per Bloomberg as of February 13, 2023
Note: Avient reflects 2023 adjusted EBITDA guidance of $530M and closing share price of $38.89.
Year Ended
December 31,
Reconciliation of Pro Forma Sales and EBITDA - SEM 2022 2021
Specialty Engineered Materials $ 1,044.4 $ 911.6
APM pro forma adjustments - 2021 — 396.5
APM pro forma adjustments - 8 months 2022* 256.1 —
Pro forma sales $ 1,300.5 $ 1,308.1
EBITDA
Specialty Engineered Materials $ 188.8 $ 157.2
APM pro forma adjustments - 2021 — 120.5
APM pro forma adjustments - 8 months 2022* 83.1 —
Pro forma EBITDA $ 272.0 $ 277.8
4
Year Ended
December 31,
Reconciliation of Pro Forma Sales - Avient 2022 2021
Sales $ 3,396.9 $ 3,315.5
APM pro forma adjustments - 2021 — 396.5
APM pro forma adjustments - 8 months 2022* 256.1 —
Pro forma sales $ 3,653.0 $ 3,712.0
* Pro forma adjustment for January - August 2022 APM results (period before Avient ownership).
5
AVNT Q4 2022 Earnings Presentation 2.17.pdf
AVNT Q4 2022 Earnings Presentation.pdf
IR Recs - 2.14 454pm
https://www.avient.com/investor-center/news/polyone-signs-definitive-agreement-acquire-clariant-color-and-additive-masterbatch-business
Clariant
Clariant
Clariant