Orion Engineered Carbons (OEC), mcap=$1bn, price $17.29 vs $17.30

Producer of rubber black and specialty chemicals. FCF is at an inflection point as capital constraints unwind. Structurally improved pricing and profitability in commodity rubber black will increase margins and returns on capital. Expected to double EBITDA and generate more than half of mcap in cash over the next 3 years. Misperceived as a cyclical chemical commodity producer.