The document provides a valuation analysis of Eastman Chemical, setting a target price of $100 based on a 13x 2015E EPS multiple, which is a 12% discount to its peer Dow. The valuation is supported by Eastman's integration of Solutia and cost synergies, as well as a return on invested capital of 11.2% for 2013E and 2014E. Risks include increased leverage, failure to achieve acquisition synergies, raw material price increases, and lower global demand.
documents/EFTA01447643.pdf
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