Industry Model — Specialty, Commodity, Agricultural Chemicals & Packaging

J.P. Morgan Securities LLC published an industry model on Monday, November 9, 2026 comparing valuations across specialty, commodity, agricultural chemicals and packaging companies. The comp sheet covers Linde, Air Products, Ecolab, Corteva, Sherwin-Williams, PPG, RPM and Axalta alongside Dow, LyondellBasell, Westlake, Olin, Celanese, Methanex, Eastman and Huntsman, with 2025 through 2028 estimates for EPS, P/E, free cash flow yield, EV/EBITDA, EBITDA, EV/CFO, return on assets, net debt/EBITDA and enterprise value. J.P. Morgan rates Linde, Air Products, Ecolab, Corteva, Sherwin-Williams, PPG, RPM, Dow, LyondellBasell and Celanese Overweight, with Axalta, Westlake, Olin, Methanex, Eastman and Huntsman carried at Neutral. Specialty names command clear valuation premiums above 18x EV/EBITDA versus under 10x for most commodity producers, while Celanese and Methanex screen highest on free cash flow yield and Corteva shows gradually recovering earnings.