Jan. 29 at 11:57 PM
$ASIX (AdvanSix) looks like liquidation pricing to us. Trading around ~0.54x book (~0.61x tangible) with a “paid to wait” dividend (~3.9%). The market’s focused on the ugly part of the nylon cycle + a messy quarter, but the balance sheet isn’t distressed (D/E ~0.18, interest coverage ~6.33x in our write-up).
Big potential catalyst: management expects
$100–
$120M cumulative benefit from Section 45Q carbon capture tax credits + bonus depreciation starting 2026/27. On a ~
$450M-ish market cap (at the time of writing), that’s not small.
Full thesis + targets + technical levels: www.woodworth.fund/news/the-chemistry-of-mispricing-asix
