Description
Trecora Resources (TREC $7.77) has been written up three times (Diamond123, Saltaire. Mitch123456) previously on the VIC, including once before by me back in 2016. The Company is finally positioned to reward investors after suffering through poor management (new team in place for approximately two years), a number of acts of god (hurricanes, cold freezes and Covid) and some bad luck (a mistake by a contractor caused major damage to a new material piece of capital equipment and a fire caused by an outside electrical issue due to a squirrel damaging a power station). TREC now sits with a clean balance sheet (negative net debt), $100 million of previously spent growth capital expenditures ready to generate additional cash flows and a reduced cost structure from two years of new management. I have a price target of $20.00 by March 2021, which represents upside of 157%, based on comparably traded public companies. This price represents a significant discount to the M&A activity in specialty chemicals.
TREC is a specialty petrochemical manufacturer based in eastern Texas. It has two plants, one which makes high grade pentanes and hexanes and the other which makes specialty waxes. Both plants also do “Tolling” which is another word for upgrading other companies’ petrochemical streams without taking ownership of those chemicals. My write up from 9/13/16 and Diamond123’s from 8/29/19 have good background info on those plants if you want to read them. TREC finished selling its non-core asset mine in 2019 for $70MM and now sits with $56MM in cash versus $46MM of debt excluding $6MM of PPP loan which we expect to be forgiven.
The Company’s customers are a who’s who of Fortune 500 companies including Exxon, Dupont, Chevron, BASF, Goodyear and many others. Its pentanes and hexanes are mainly used in the plastics, tires and Oil Sands industries. TREC’s main petrochemical, high grade hexane, is in a duopoly situation with Phillips 66. TREC’s waxes are used across many industries including sealing waxes for shipping boxes.
Prior to the troubles listed above, TREC was generating about $31MM in EBITDA on an annual basis. The $100MM plus in growth capital expenditures increased the Company’s ability to manufacture its main petrochemical, hexane, and increased the ability to obtain more value from the by-product stream created from this process. It also increased the amount and type of Tolling arrangements that TREC can undertake. The three growth capital projects had the following economics according to previous management:
1. The third petrochemical line (“D Train”) increased production capacity by approximately 45MM gallons per year. This was supposed to generate an additional $6MM per year in EBITDA.
2. Advanced Reformer built along side the D train was going to generate an additional $13MM per year in EBITDA from upgrading TREC’s by-product stream’s value.
3. Hydrogenation/Distillation Units (“HD”) were going to generate an additional $6MM per year in EBITDA from an advanced form of Tolling.
In total these capital projects would have generated an additional $25MM in EBITDA a year if they were fully operational. In retrospect, it was too many projects undertaken at one time and management brought the projects in largely on budget but had issues operating the HD unit. Demand also slackened for pentanes by its Oil Sands customer due to operating efficiencies which hurt the D Train and Advanced Reformer sales and profitability growth.
Today, demand is returning for petrochemicals as the World wakes up from its Covid induced shutdown. TREC is well positioned to leverage its assets to take advantage of rising petrochemical prices with its assets and reduced cost structure. I believe that EBITDA will come in around $36MM in 2021 and can easily go to $42MM in 2022, which is well below the $56MM its previous management team was expecting to generate by that date. I have included a table below that details the historical and my projected volumes for both plants with the resulting EBITDA. Revenue projections are not meaningful since movement in oil and gas prices directly affects both selling and feedstock prices. Please note, 2/3 of TREC’s pentane customers are on formula pricing and the Company takes no effective risk over the medium term on movements in oil and gas prices.
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)
For projection purposes, it is assumed that hexane and pentane production move back to 2018 levels due to returning demand and an increase in the number of customers. This is consistent with management discussions during conference calls. Wax pounds demand outstrips current production volumes due to full utilization of current feedstock. Management has publicly said that it expects to have new feedstocks that will allow for increased production. Demand for specialty waxes is growing and there is a need for additional wax production from companies like TREC.
EBITDA should reasonably be expected to return to its historical $31mm range with volumes back to 2018 levels for 2021. The increase in EBITDA that I anticipate for 2021 and 2022 is derived as follows:
1. higher by-product value from the Advanced Reformer adds $3mm in 2021 and an additional $2MM in 2022.
2. HD Tolling adds $2MM in additional EBITDA in 2021 and an additional $4MM in 2022.
3. Cost savings and optimization efforts by the new management team, should provide additional upside (or cushion) to these numbers.
4. New Customer wins should also provide additional upside to the projections.
Publicly Traded Comparable Specialty Chemical Stocks
There are no publicly traded petrochemical companies like TREC since most of its competitors are part of much larger companies. Specialty chemical stocks tend to have dominant niches that allow for higher margins than the wholesale chemical giants. These stocks tend to trade at a mid-teens Enterprise Value to EBITDA (“EV/EBITDA”) multiple. As of 3/22/21, these stocks are trading at an average of 16.9 trailing twelve months (“TTM”) EV/EBITDA. On a forward basis they are trading at 12.8 times this year’s and 11.6 times next years average EV/EBITDA. This is shown by the chart below:
![](data:image/png;base64,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)
This creates a valuation for TREC shares as shown below:
![](data:image/png;base64,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)
Specialty Chemical M&A Transactions
There have been 5 transactions that I could locate in the Specialty Chemical industry over the last 8 years. The median and average multiples paid for these companies are tightly bunched between 17.8 and 17.9 times TTM EV/EBITDA. I believe that these high multiples reflect the value that these types of companies bring to their acquirors who typically can utilize them to increase the value of their chemical streams that they already produce. The chart is shown here:
![](data:image/png;base64,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)
Using the midpoint of these multiples yields a current price for TREC shares of $15.46 for TTM EBITDA and $32.61 for 2022 EBITDA.
Conclusion
I believe that investors are significantly undervaluing TREC’s shares due to the confluence of events that have caused the Company to significantly underperform expectations. Today TREC has zero sell-side analysts, a clean balance sheet, meaningful new assets to market, strong management and trades at a wide discount to both public and private market values. The Company’s Board of Directors seems to agree with this view as it has recently announced that it intends to buy back $20MM worth of its shares. If this does occur, then the targeted stock price will increase proportionately. Finally, as Covid recedes from its economic impact, TREC will begin to show free cash flow growth that will attract new investors to its stock.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
Catalysts
1. Cash Flow growth
2. Share Buyback (already announced)
3. Acquisition by private equity or larger petrochemical company