W. R. Grace (NYSE:GRA) is a chemicals business on a relatively undemanding forward valuation of 12x EV/EBITDA and 16x FCF on my estimates reflecting its recent proposed acquisition of a small chemicals business.
The company has received an offer at an 8% premium to its current price. That offer may undervalue the business, but has already been raised once.
Despite a likely return to normal operating performance in its core operations, the company trades at a discount to its pre-COVID valuation, suggesting further upside.
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