The Urethane Blog

June 16, 2020

Spray Foam Decor

Designers and DIY’ers

We’ve seen an explosion of foam-covered designs across Instagram

You’ve likely seen a mirror covered in chunky spray foam in pastel pink or vivid orange on Instagram lately. Or maybe even an entire bench covered in it. As it turns out, spray-foam decor is becoming one of the biggest trends of the moment, and it’s also one of the easiest and most affordable things to try.

I first saw spray-foam mirrors from the Copenhagen-based designer Anna Thoma, who had been creating massive mirrors with dreamy pink foam lining the edges. (Abigail Campbell, who sells vintage furniture and recently began making foam mirrors, also first saw them on Anna’s account.) But sometime this spring, I also started seeing almost everyone I know with their own decadent foam mirror that they had DIY’ed. Small oval-shaped mirrors rimmed in pink foam, huge square ones covered in orange-hued foam, and others left in the natural off-white hue began framing lots of selfies in my feed.

“I came across a tutorial from Flex Mami and realized just how foolproof they were to DIY,” explains Abigail, who recently began selling the mirrors and donating proceeds to the Minnesota Freedom Fund, Reclaim the Block, Black Visions Collective, The Marsha P. Johnson Institute, Justice for Breonna Taylor, and The Okra Project.

“When I first posted my version of the DIY to stories, I was surprised to see a lot of people reaching out asking if I could make them one,” she says. “It didn’t occur to me that people wouldn’t want to make it themselves. When the Black Lives Matter protests began, related organizations and bailout funds were in desperate need of donations. Since I still had people requesting mirrors, it seemed like a no-brainer to continue foaming a little while longer but give all of the proceeds to the organizations in need the most.”

The fun thing about the foam trend is that you don’t have to be too precise and it’s super-affordable to DIY, yet it still looks like a very original, unique statement piece. Designers and DIY’ers alike have been putting their own touches on each piece too, like painting the foam in ombré hues. Gustaf Westman has even created foam-covered benches.

“I think the appeal was born out of the repopularization, due in large part to social media, of the Ultrafragola mirror and the desire to have a unique piece to frame your mirror selfies,” adds Abigail. “With the price tag coming in nearly 99 percent less than that of the Memphis design piece and people being stuck at home, it’s no surprise it’s been such a popular DIY as of late.”

If you want to give it a go yourself, you’ll just need a mirror (or a piece of furniture, if you’re feeling adventurous) and a can of spray foam, which can be found for under $10 at most home improvement stores. Make sure the area you’re working in is well-ventilated, with open windows. You should also wear protective gloves and a mask. Set up the area by placing the mirror under a large trash bag or tarp and then spray the edges of the mirror (you can test it on a piece of paper to decide how you want to apply) and let it cure for 24 hours. If you want to, you can also add some color with either spray paint or acrylic paint.

Of course, if you’d rather buy one from the experts, there’s no shortage of people making these mirrors. Anna Thoma may just be the originator of this style, but Jude Camden has also started making a variety of mirrors, and stools and Gustaf Westman’s foam benches are next level. So far, we’ve yet to see the trend pop up on the sites of mainstream retailers, but there are a variety of independent designers stocking them. In this case, Instagram is your best bet for finding tutorials and the designers who are making them.

https://www.architecturaldigest.com/story/spray-foam-decor-is-having-a-moment-among-designers-and-diyers?mbid=synd_yahoo_rss

June 16, 2020

Spray Foam Decor

Designers and DIY’ers

We’ve seen an explosion of foam-covered designs across Instagram

You’ve likely seen a mirror covered in chunky spray foam in pastel pink or vivid orange on Instagram lately. Or maybe even an entire bench covered in it. As it turns out, spray-foam decor is becoming one of the biggest trends of the moment, and it’s also one of the easiest and most affordable things to try.

I first saw spray-foam mirrors from the Copenhagen-based designer Anna Thoma, who had been creating massive mirrors with dreamy pink foam lining the edges. (Abigail Campbell, who sells vintage furniture and recently began making foam mirrors, also first saw them on Anna’s account.) But sometime this spring, I also started seeing almost everyone I know with their own decadent foam mirror that they had DIY’ed. Small oval-shaped mirrors rimmed in pink foam, huge square ones covered in orange-hued foam, and others left in the natural off-white hue began framing lots of selfies in my feed.

“I came across a tutorial from Flex Mami and realized just how foolproof they were to DIY,” explains Abigail, who recently began selling the mirrors and donating proceeds to the Minnesota Freedom Fund, Reclaim the Block, Black Visions Collective, The Marsha P. Johnson Institute, Justice for Breonna Taylor, and The Okra Project.

“When I first posted my version of the DIY to stories, I was surprised to see a lot of people reaching out asking if I could make them one,” she says. “It didn’t occur to me that people wouldn’t want to make it themselves. When the Black Lives Matter protests began, related organizations and bailout funds were in desperate need of donations. Since I still had people requesting mirrors, it seemed like a no-brainer to continue foaming a little while longer but give all of the proceeds to the organizations in need the most.”

The fun thing about the foam trend is that you don’t have to be too precise and it’s super-affordable to DIY, yet it still looks like a very original, unique statement piece. Designers and DIY’ers alike have been putting their own touches on each piece too, like painting the foam in ombré hues. Gustaf Westman has even created foam-covered benches.

“I think the appeal was born out of the repopularization, due in large part to social media, of the Ultrafragola mirror and the desire to have a unique piece to frame your mirror selfies,” adds Abigail. “With the price tag coming in nearly 99 percent less than that of the Memphis design piece and people being stuck at home, it’s no surprise it’s been such a popular DIY as of late.”

If you want to give it a go yourself, you’ll just need a mirror (or a piece of furniture, if you’re feeling adventurous) and a can of spray foam, which can be found for under $10 at most home improvement stores. Make sure the area you’re working in is well-ventilated, with open windows. You should also wear protective gloves and a mask. Set up the area by placing the mirror under a large trash bag or tarp and then spray the edges of the mirror (you can test it on a piece of paper to decide how you want to apply) and let it cure for 24 hours. If you want to, you can also add some color with either spray paint or acrylic paint.

Of course, if you’d rather buy one from the experts, there’s no shortage of people making these mirrors. Anna Thoma may just be the originator of this style, but Jude Camden has also started making a variety of mirrors, and stools and Gustaf Westman’s foam benches are next level. So far, we’ve yet to see the trend pop up on the sites of mainstream retailers, but there are a variety of independent designers stocking them. In this case, Instagram is your best bet for finding tutorials and the designers who are making them.

https://www.architecturaldigest.com/story/spray-foam-decor-is-having-a-moment-among-designers-and-diyers?mbid=synd_yahoo_rss

Wall Street turns more bullish on chemicals outlook, raises price targets

Author: Joseph Chang

2020/06/15

NEW YORK (ICIS)–Chemicals equity analysts are turning more bullish on the sector, citing a potential bottom in transportation and industrial end markets, an upturn in leading economic indications (LEIs) and price stabilisation.

John Roberts, US chemicals analyst at UBS, significantly raised price targets for Huntsman, Celanese and Eastman on a bottom in automotive and industrial end markets, and based on projected earnings from Q3 2020 onwards to Q2 2021.

“These companies on average have around 30% exposure to transportation and industrial end markets. We believe these markets have hit bottom and expect improvements with an economic recovery will further support stock sentiment and valuation,” said Roberts in a research note.

The analyst took up his earnings multiples on companies – a combination of portfolio mix (Huntsman), and the fact that these earnings, while improved versus the bottom in Q2 2020, should still be much lower than 2019 levels (thus implying normalised profits would be higher).

For Huntsman, the UBS analyst took up his earnings before interest, tax, depreciation and amortisation (EBITDA) estimate for the next 12 months (Q3 2020 – Q2 2021) slightly from $553m, to $561m on a “faster pace of recovery than previously expected”.

Putting around a 10x multiple on EBITDA versus his prior 8x yields his new price target of $23 for Huntsman’s shares versus a prior $18. Huntsman had closed at $18.02 prior to the Monday note.

A higher multiple for Huntsman is warranted, given the company’s transformation as it shed commodity assets and acquired downstream methylene diphenyl diisocyanate (MDI) businesses. Around 70% of Huntsman’s MDI sales are now from differentiated products, said Roberts.

The UBS analyst took up his price target on Celanese from $91, to $112 based on a multiple adjustment on price/earnings (P/E) from around 12x, to 15x, and on Eastman from $68, to $86 based on a P/E multiple increase from around 11x, to 14x. Prior to the Monday note, Celanese closed at $88.52 and Eastman at $69.63. He retains “buy” ratings on all three names.

MDI PRICES BOTTOMING

Alembic Global Advisors analyst Hassan Ahmed bumped up share price targets for Covestro (from €40 to €45), Dow ($45 to $50) and Huntsman ($20 to $22) on a bottoming of MDI prices.

“Asian spot MDI prices seemed to have bottomed and recently started inflecting up. We believe this positive inflection may also begin to manifest itself in MDI margins,” said Ahmed in a research note.

As of 10 June, Asia spot prices for pure MDI on a CFR China basis rebounded to $1,575/tonne from a low of $1,375 on 13 May while polymeric MDI was up to $1,335/tonne from a low of $1,125 on 15 April.

“Our analysis suggests that the worst may be behind the MDI cycle (post Q2 2020), with utilisation rates tightening and margins rising from here,” he added.

On the supply side, Wanhua Chemical’s decision in late 2019 to cancel its 400,000 tonne/year MDI project in St James Parish, Louisiana, US improves the long-term outlook considerably. Historically, industry consultants and Wall Street analysts have overestimated supply-side additions and underestimated capacity closures, he noted.

“On the demand side, our analysis suggests that 6% global demand growth rates are sustainable post-2020,” said Ahmed.

“Signs of life seem to be emerging in the Chinese and US automotive end-markets, with the global MDI industry always rebounding strongly, demand growth-wise, post recessionary periods,” he added.

OUTPERFORMANCE COMING OUT OF RECESSION

The theme of chemical stocks outperforming the broader market in the early stages of a recovery from recession is gaining traction.

“As a rule of thumb, the window for chemicals to participate in an ‘early cycle bounce’ and outperform the S&P 500 typically extends through 4-6 quarters after the end of a recession,” said Laurence Alexander, analyst at Jefferies & Co, in a research note.

“As more evidence emerges that the recovery is becoming more robust, the upstream chemical companies will likely extend their outperformance, given their operating leverage to higher volumes and the potential for fly-ups in margins if peers have unplanned outages – which are more common in the first surge in volumes,” he added.

Thus, the analyst favours BASF, Dow, Huntsman and Methanex, with LyondellBasell and DuPont also likely to benefit.

Key leading indicators on a global and regional basis – the OECD LEIs in particular – are showing “fish hooks” from the bottom, he noted.

“In May, the Global, US and EU LEIs all improved sharply sequentially on both an absolute and year-on-year (YoY) basis. In China, the LEI has already improved to -2.6% on a YoY basis from -13.3% in February,” said Alexander.

“We expect the Chinese LEI to return to positive comparisons in Q3, and the EU (-4.5% YoY) and US (-4.3%) ones in Q4,” he added.

Troughs in earnings per share (EPS) estimates and the initial bounce in LEIs (from trough to flat YoY) tend to be strong signals for both chemical sector returns (15%-20% over 6 months) and for a rotation into upstream chemicals, said the analyst.

While he cautioned that the coronavirus flare-ups, the risk of new lockdowns and a fade in fiscal and monetary stimulus “all muddy the H2 2020 outlook” and that chemical valuation multiples appear stretched, “a turn in LEIs and stabilising estimates are more potent trading signals at cyclical troughs, particularly for upstream chemicals”, said Alexander.

Focus article by Joseph Chang

https://www.icis.com/explore/resources/news/2020/06/15/10519221/focus-wall-street-turns-more-bullish-on-chemicals-outlook-raises-price-targets

Wall Street turns more bullish on chemicals outlook, raises price targets

Author: Joseph Chang

2020/06/15

NEW YORK (ICIS)–Chemicals equity analysts are turning more bullish on the sector, citing a potential bottom in transportation and industrial end markets, an upturn in leading economic indications (LEIs) and price stabilisation.

John Roberts, US chemicals analyst at UBS, significantly raised price targets for Huntsman, Celanese and Eastman on a bottom in automotive and industrial end markets, and based on projected earnings from Q3 2020 onwards to Q2 2021.

“These companies on average have around 30% exposure to transportation and industrial end markets. We believe these markets have hit bottom and expect improvements with an economic recovery will further support stock sentiment and valuation,” said Roberts in a research note.

The analyst took up his earnings multiples on companies – a combination of portfolio mix (Huntsman), and the fact that these earnings, while improved versus the bottom in Q2 2020, should still be much lower than 2019 levels (thus implying normalised profits would be higher).

For Huntsman, the UBS analyst took up his earnings before interest, tax, depreciation and amortisation (EBITDA) estimate for the next 12 months (Q3 2020 – Q2 2021) slightly from $553m, to $561m on a “faster pace of recovery than previously expected”.

Putting around a 10x multiple on EBITDA versus his prior 8x yields his new price target of $23 for Huntsman’s shares versus a prior $18. Huntsman had closed at $18.02 prior to the Monday note.

A higher multiple for Huntsman is warranted, given the company’s transformation as it shed commodity assets and acquired downstream methylene diphenyl diisocyanate (MDI) businesses. Around 70% of Huntsman’s MDI sales are now from differentiated products, said Roberts.

The UBS analyst took up his price target on Celanese from $91, to $112 based on a multiple adjustment on price/earnings (P/E) from around 12x, to 15x, and on Eastman from $68, to $86 based on a P/E multiple increase from around 11x, to 14x. Prior to the Monday note, Celanese closed at $88.52 and Eastman at $69.63. He retains “buy” ratings on all three names.

MDI PRICES BOTTOMING

Alembic Global Advisors analyst Hassan Ahmed bumped up share price targets for Covestro (from €40 to €45), Dow ($45 to $50) and Huntsman ($20 to $22) on a bottoming of MDI prices.

“Asian spot MDI prices seemed to have bottomed and recently started inflecting up. We believe this positive inflection may also begin to manifest itself in MDI margins,” said Ahmed in a research note.

As of 10 June, Asia spot prices for pure MDI on a CFR China basis rebounded to $1,575/tonne from a low of $1,375 on 13 May while polymeric MDI was up to $1,335/tonne from a low of $1,125 on 15 April.

“Our analysis suggests that the worst may be behind the MDI cycle (post Q2 2020), with utilisation rates tightening and margins rising from here,” he added.

On the supply side, Wanhua Chemical’s decision in late 2019 to cancel its 400,000 tonne/year MDI project in St James Parish, Louisiana, US improves the long-term outlook considerably. Historically, industry consultants and Wall Street analysts have overestimated supply-side additions and underestimated capacity closures, he noted.

“On the demand side, our analysis suggests that 6% global demand growth rates are sustainable post-2020,” said Ahmed.

“Signs of life seem to be emerging in the Chinese and US automotive end-markets, with the global MDI industry always rebounding strongly, demand growth-wise, post recessionary periods,” he added.

OUTPERFORMANCE COMING OUT OF RECESSION

The theme of chemical stocks outperforming the broader market in the early stages of a recovery from recession is gaining traction.

“As a rule of thumb, the window for chemicals to participate in an ‘early cycle bounce’ and outperform the S&P 500 typically extends through 4-6 quarters after the end of a recession,” said Laurence Alexander, analyst at Jefferies & Co, in a research note.

“As more evidence emerges that the recovery is becoming more robust, the upstream chemical companies will likely extend their outperformance, given their operating leverage to higher volumes and the potential for fly-ups in margins if peers have unplanned outages – which are more common in the first surge in volumes,” he added.

Thus, the analyst favours BASF, Dow, Huntsman and Methanex, with LyondellBasell and DuPont also likely to benefit.

Key leading indicators on a global and regional basis – the OECD LEIs in particular – are showing “fish hooks” from the bottom, he noted.

“In May, the Global, US and EU LEIs all improved sharply sequentially on both an absolute and year-on-year (YoY) basis. In China, the LEI has already improved to -2.6% on a YoY basis from -13.3% in February,” said Alexander.

“We expect the Chinese LEI to return to positive comparisons in Q3, and the EU (-4.5% YoY) and US (-4.3%) ones in Q4,” he added.

Troughs in earnings per share (EPS) estimates and the initial bounce in LEIs (from trough to flat YoY) tend to be strong signals for both chemical sector returns (15%-20% over 6 months) and for a rotation into upstream chemicals, said the analyst.

While he cautioned that the coronavirus flare-ups, the risk of new lockdowns and a fade in fiscal and monetary stimulus “all muddy the H2 2020 outlook” and that chemical valuation multiples appear stretched, “a turn in LEIs and stabilising estimates are more potent trading signals at cyclical troughs, particularly for upstream chemicals”, said Alexander.

Focus article by Joseph Chang

https://www.icis.com/explore/resources/news/2020/06/15/10519221/focus-wall-street-turns-more-bullish-on-chemicals-outlook-raises-price-targets

June 15, 2020

Stockmeier Track News

Two Records Set on Stobitan® SC Running Track at the
“Impossible Games” at Bislett Stadium

CLARKSBURG, WV – June 15, 2020 – STOCKMEIER Urethanes is
excited to announce that two records were set on a World Athletics
certified Stobitan® SC running track surface at the “Impossible
Games” at Bislett Stadium in Oslo, Norway.

Due to the coronavirus, the “Oslo Diamond League” meet was
canceled and replaced with the “Impossible Games” where 50
athletes competed in 13 events.

Nineteen-year-old, Jakob Ingebrigtsen, set a European and
Norwegian record in the 2000-meter event at a time of 4.50.04. This
time, at merely 5.5 seconds, almost beat the world record. Karsten
Warholm, 24, beat the world record in the 300-meter hurdles with a
time of 33.79 seconds on what he thought might have been a broken
toe from warm-ups. STOCKMEIER Urethanes and its staff would like
to congratulate these two gentlemen on their wonderful victories.

Christian Martinkat, Chairman of the Executive Committee of
STOCKMEIER Urethanes Group and CEO of STOCKMEIER
Urethanes USA, Inc. states: “It is exciting to see a conventionally built

structural spray system, such as STOBITAN® SC, to be a track
surface for record breaking performances. We are proud to offer
quality products used for these world class track events.”

STOBITAN ® running tracks and artificial turfs have been installed
worldwide since 1991 and are available in a variety of systems. They
offer secure running grip, optimum fall protection and elasticity that
promotes high performance. All the systems within the Stobitan ® line
are a combination of our highly trusted Stobielast ® S product line.
As a specialist within the STOCKMEIER Group, STOCKMEIER
Urethanes GmbH & Co. was founded in 1991 in Germany as a
polyurethane systems house focused on the development, production
and marketing of coatings, adhesives, sealants and elastomers for a
wide variety of sports and industrial markets. Operating worldwide
with ISO 9001 certified production facilities and laboratories in
Germany, France, the United Kingdom, and the United States,
Stockmeier Urethanes provides customers with consistent global
delivery of high-quality polyurethane products and services.