© 2019 League Park Advisors 1100 Superior Avenue East Suite 1700 Cleveland, OH 44114 | 216.455.9985 PHONE | 216.455.9986 FAX | www.leaguepark.com CHEMICALS MARKET UPDATE | January 2019
© 2019 League Park Advisors1100 Superior Avenue East Suite 1700 Cleveland, OH 44114 | 216.455.9985 PHONE | 216.455.9986 FAX | www.leaguepark.com
CHEMICALSMARKET UPDATE | January 2019
CHEMICALS JANUARY 2019 MARKET UPDATE
INTRODUCTION
League Park Advisors is pleased to share its chemicals market update for January 2019. This report provides analysis and commentary related to the following topics:
Current market news and observations
Trends in chemicals market valuations
Overview of merger and acquisition dynamics within the domestic chemicals market
We hope that you find our January 2019 edition helpful and invite you to contact us directly if you wish to discuss our perspective on current market trends or our relevant industry experience.
1
OUR FIRM
League Park is a boutique investment bank that professionally and ethically advises clients on strategies aimed to maximize shareholder value. We assist middle market companies with transactions that generate value through mergers and acquisitions, recapitalizations, capital raising, structured finance, and outsourced corporate development.
REPRESENTATIVE LEAGUE PARK CHEMICALS EXPERIENCE
League Park has developed substantial, directly-relevant experience executing transactions and conducting proprietary research across five primary sectors, as well as a broad spectrum of verticals.
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Sell-Side M&A Advisory
has been acquired by
Strategic Advisory
Strategic Advisory
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
After over two years of negotiation and overcoming regulatory hurdles, Linde AG and Praxair have announced the completion of their $90 billion mega-merger following recent U.S. Federal Trade Commission and European Commission approval. The newly formed holding company, Linde plc, is now the largest industrial gas supplier in the world. The company has commenced trading on the NYSE under the ticker LIN. Although the businesses have been successfully combined in legal terms, the companies must continue to finalize divestitures stemming from antitrust regulation in order to consolidate their operations. Linde AG and Praxair are required to operate separately and independently until such divestitures are completed.
LINDE-PRAXAIR MERGER CLOSED ON PAPER
GASWORLD OCTOBER 31, 2018
CHEMICALS JANUARY 2019 MARKET UPDATE
IN THE NEWS
2
The American Chemistry Council (“ACC”) reported a strong start to the fourth quarter for the U.S. specialty chemicals market. Across the 28 specialty chemicals segments covered by the ACC, average market volumes increased by approximately 0.3% in October, following gains of 0.4% and 0.6% in September and August, respectively. Of the 28 market segments, three markets experienced volume increases in excess of 1.0%, including the foundry chemicals, lubricant additives, and textile specialties markets. On a year-to-date basis, the best performing market segment is in oilfield chemicals, which has surged in volume by 15.0% as of October 31, 2018.
U.S. SPECIALTY CHEMICALS MARKET VOLUME ON THE RISE
AMERICAN CHEMISTRY COUNCIL NOVEMBER 29, 2018
Just two months after the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) was instituted, the U.S. Department of the Treasury has launched a pilot program to monitor foreign investment transactions in certain U.S. industries. The program will be overseen by the Committee on Foreign Investment in the United States (“CFIUS”). Under the restrictions set forth, foreign investors seeking minority interests in “critical technology markets” will be required to file declarations with the CFIUS or be subject to monetary penalties up to the value of the transaction. Failure to submit a declaration also allows CFIUS to recommend that the President legally unwind a transaction. The Committee listed inorganic chemicals and petrochemical manufacturing as “Pilot Program Industries”. Several downstream chemical market segments will also be affected. The pilot stands as an additional hurdle for foreign investment in U.S. businesses, particularly in the chemicals industry.
TOUGHER REGULATION ON FOREIGN INVESTMENT IN CERTAIN U.S. INDUSTRIES
DORSEY & WHITNEY OCTOBER 23, 2018
The U.S. has removed 142 chemical and plastic products from the extensive list of tariffed Chinese goods. The tariff exemption covers five groups of critical rare-earth elements of which China is the main supplier, along with 98 organic chemicals. The critical elements are used to create fluid-catalytic-cracking units that are used in refineries to produce gasoline and refinery-grade propylene. After factoring for exemptions, the list still covers 1,363 chemical and plastic products worth over $12.9 billion dollars, according to the ACC.
U.S. REVISES TARIFF LIST ON CHEMICAL & PLASTIC PRODUCTS
ICIS SEPTEMBER 18, 2018
CHEMICALS JANUARY 2019 MARKET UPDATE
ECONOMIC ANALYSIS
3
CHEMICALS SECTOR EMPLOYMENTFor the Ten-Year Period Ended November 30, 2018Employment in thousands
Sources: American Chemistry Council (ACC), Bureau of Labor Statistics (BLS), Federal Reserve Bank of St. Louis, Organization for Economic Cooperation & Development (OECD), US Census Bureau
CHEMICAL ACTIVITY BAROMETERFor the Ten-Year Period Ended November 30, 2018
US CHEMICAL SHIPMENTS (MONTHLY)For the Five-Year Period Ended November 30, 2018$ in billions
INDUSTRIAL PRODUCTION INDEXFor the Ten-Year Period Ended November 30, 2018
BUSINESS CONFIDENCE INDEXFor the Ten-Year Period Ended November 30, 2018Baseline confidence level is 100
INDUSTRIAL CHEMICAL INDEXFor the Ten-Year Period Ended November 30, 2018% change in producer price index
700
725
750
775
800
825
850
875
900
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201860
70
80
90
100
110
120
130
140
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
$55
$58
$61
$64
$67
$70
2013 2014 2015 2016 2017 201875
85
95
105
115
125
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
95
96
97
98
99
100
101
102
103
104
105
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201850%
60%
70%
80%
90%
100%
110%
120%
130%
140%
150%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
CHEMICALS JANUARY 2019 MARKET UPDATE
PUBLIC COMPARABLE ANALYSIS
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CHEMICALSAs of November 30, 2018$ in millions, except for share prices
Source: Capital IQ
Current % of Enterprise LTM LTM Margins Enterprise Value / LTM
Company Name Price LTM High Market Cap Net Debt Value Revenue EBITDA Gross EBITDA Revenue EBITDA
General Chemical:
DowDuPont $57.85 75.1% $132,722 $27,994 $162,370 $85,944 $16,875 26.1% 19.6% 1.9x 9.6x
BASF 72.93 65.3% 66,983 20,943 88,481 76,185 12,544 30.5% 16.5% 1.2x 7.1x
Eastman Chemical Company 78.82 70.1% 11,038 6,433 17,546 10,137 2,331 26.2% 23.0% 1.7x 7.5x
Celanese Corporation 100.93 84.6% 13,500 2,718 16,620 7,059 1,691 27.9% 24.0% 2.4x 9.8x
FMC Corporation 82.74 83.8% 11,142 2,566 13,739 4,488 1,214 45.0% 27.1% 3.1x 11.3x
Albemarle Corporation 96.32 69.5% 10,230 1,057 11,444 3,311 953 36.8% 28.8% 3.5x 12.0x
Clariant 19.79 67.1% 6,517 1,726 8,416 6,677 919 29.7% 13.8% 1.3x 9.2x
Ashland 81.89 94.5% 5,117 2,235 7,352 3,743 590 28.8% 15.8% 2.0x 12.5x
Wacker Chemie 96.24 48.1% 4,781 782 5,604 5,769 1,016 19.0% 17.6% 1.0x 5.5x
Segment Median 70.1% $11,038 $2,566 $13,739 $6,677 $1,214 28.8% 19.6% 1.9x 9.6x
Industrial & Specialty Gas:
Linde $159.08 94.5% $87,662 $7,712 $95,682 $12,037 $3,961 43.8% 32.9% 7.9x 24.2x
L'Air Liquide 120.87 92.6% 51,533 16,588 68,080 23,590 5,580 61.6% 23.7% 2.9x 12.2x
Air Products and Chemicals 160.87 91.8% 35,316 822 36,457 8,930 2,928 30.7% 32.8% 4.1x 12.5x
Taiyo Nippon Sanso Corporation 16.84 96.4% 7,291 2,533 10,053 5,903 884 35.5% 15.0% 1.7x 11.4x
Versum Materials 34.64 83.8% 3,777 580 4,391 1,372 445 42.6% 32.5% 3.2x 9.9x
Segment Median 92.2% $21,304 $1,678 $23,255 $7,417 $1,906 39.0% 28.1% 3.0x 11.8x
Paints, Coatings & Sealants:
The Sherwin-Williams Company $424.07 88.4% $39,498 $9,490 $48,988 $17,450 $2,897 43.5% 16.6% 2.8x 16.9x
PPG Industries 109.33 89.6% 26,227 3,883 30,208 15,411 2,331 42.0% 15.1% 2.0x 13.0x
Akzo Nobel 83.90 88.7% 21,465 3,137 25,005 10,725 1,071 42.9% 10.0% 2.3x 23.3x
Nippon Paint Holdings Company 35.45 77.0% 11,370 (837) 11,621 5,495 863 39.2% 15.7% 2.1x 13.5x
RPM International 65.95 96.8% 8,753 1,969 10,724 5,436 653 41.3% 12.0% 2.0x 16.4x
Axalta Coating Systems 25.03 75.2% 5,975 3,302 9,379 4,703 900 34.6% 19.1% 2.0x 10.4x
Segment Median 88.6% $16,418 $3,219 $18,313 $8,110 $985 41.7% 15.4% 2.1x 14.9x
Dyes & Organic Pigments:
LANXESS $54.82 64.7% $5,018 $2,899 $9,111 $11,851 $1,756 22.6% 14.8% 0.8x 5.2x
Huntsman Corporation 20.22 56.0% 4,819 2,032 7,857 9,346 1,479 22.8% 15.8% 0.8x 5.3x
DIC Corporation 31.76 79.7% 3,006 2,313 5,568 7,110 736 22.4% 10.3% 0.8x 7.6x
Sensient Technologies Corporation 64.26 82.0% 2,717 729 3,446 1,391 259 33.9% 18.6% 2.5x 13.3x
Ferro Corporation 19.30 75.7% 1,607 808 2,424 1,594 239 28.6% 15.0% 1.5x 10.1x
Segment Median 75.7% $3,006 $2,032 $5,568 $7,110 $736 22.8% 15.0% 0.8x 7.6x
Specialty Materials:
Compagnie de Saint-Gobain $37.06 67.4% $20,191 $10,844 $31,147 $48,055 $4,820 25.3% 10.0% 0.6x 6.5x
Evonik Industries 27.15 73.0% 12,640 3,539 16,189 17,372 3,101 31.4% 17.9% 0.9x 5.2x
Solvay 108.15 79.2% 11,174 4,046 15,275 12,890 2,267 27.7% 17.6% 1.2x 6.7x
Avery Dennison Corporation 96.40 77.9% 8,359 1,624 9,983 7,126 928 26.8% 13.0% 1.4x 10.8x
Johnson Matthey 37.32 75.5% 7,164 1,359 8,494 19,245 899 6.4% 4.7% 0.4x 9.5x
Cabot Corporation 49.20 71.7% 2,953 854 3,932 3,242 529 23.1% 16.3% 1.2x 7.4x
PolyOne Corporation 33.62 70.8% 2,684 1,156 3,841 3,500 382 21.6% 10.9% 1.1x 10.1x
Rogers Corporation 128.66 69.9% 2,366 87 2,453 865 160 35.6% 18.5% 2.8x 15.4x
Segment Median 72.3% $7,762 $1,492 $9,238 $10,008 $914 26.1% 14.7% 1.1x 8.4x
Comp Group Median 75.7% $10,230 $2,313 $11,444 $7,126 $1,071 29.7% 16.5% 1.9x 10.1x
MEDIAN ONE-YEAR REVENUE GROWTH (LTM YOY)As of November 30, 2018
CHEMICALS JANUARY 2019 MARKET UPDATE
GROWTH, PROFITABILITY & VALUATION ANALYSIS
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MEDIAN THREE-YEAR REVENUE GROWTH (LTM YOY)As of November 30, 2018
Source: Capital IQ
MEDIAN TOTAL ENTERPRISE VALUE / LTM REVENUEAs of November 30, 2018
MEDIAN TOTAL ENTERPRISE VALUE / LTM EBITDA As of November 30, 2018
CHEMICALS GROUP FIVE-YEAR HISTORICAL STOCK PERFORMANCEAs of November 30, 2018% change in closing prices
FIVE-YEAR SEGMENT VALUATION TREND (TEV / EBITDA)As of November 30, 2018
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
Specialty Materials
Dyes & Organic Pigments
Paints & Coatings
Industrial & Specialty Gas
General Chemical
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%
Specialty Materials
Dyes & Organic Pigments
Paints & Coatings
Industrial & Specialty Gas
General Chemical
0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x
Specialty Materials
Dyes & Organic Pigments
Paints & Coatings
Industrial & Specialty Gas
General Chemical
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x
Specialty Materials
Dyes & Organic Pigments
Paints & Coatings
Industrial & Specialty Gas
General Chemical
0%
25%
50%
75%
100%
125%
150%
175%
200%
225%
250%
2013 2014 2015 2016 2017 2018
General Chemical Industrial & Specialty Gas
Paints, Coatings & Sealants Dyes & Organic Pigments
Specialty Materials S&P 500
0x
2x
4x
6x
8x
10x
12x
14x
16x
18x
20x
2013 2014 2015 2016 2017 2018
General Chemical Industrial & Specialty GasPaints & Coatings Dyes & Organic PigmentsSpecialty Materials S&P 500
CHEMICALS JANUARY 2019 MARKET UPDATE
M&A TRANSACTIONS
6
AUGUST – NOVEMBER 2018 CHEMICALS M&A TRANSACTIONS
Source: Capital IQ
Announced
Date Target Market Segment Description Acquirer
Nov-18 Insultab Specialty Materials Manufactures heat shrinkable, non-shrinkable, and custom designed tubing products Pexco
Nov-18 ENP Investments General Chemical Manufactures and distributes amino acids and armament for lawncare management NanoChem Solutions
Nov-18 Polyfil Specialty Materials Manufactures additive concentrates and compounds for polyolefin plastics Kafrit Industries (TASE:KAFR)
Nov-18 Masterpac Specialty Materials Manufactures and distributes corrugated fiberboard cartons and packaging materials VisiPak
Nov-18 Specialty Silicone Products Specialty Materials Manufactures and distributes silicone rubber products for industrial and consumer use Electronic Technologies Group
Oct-18 Advanced Fiber Technology Specialty Materials Manufactures cellulose industrial fiber productsInstalled Building Products (NYSE:IBP)
Oct-18 Apiscent Labs Die & Organic Pigments Produces flavors, fragrances, and pharmaceutical ingredients Kingchem Life Science
Oct-18 AMTEC Less-Lethal Systems Specialty Materials Manufactures and distibutes tactical chemical munitions for law enforcement agencies PACEM Defense
Oct-18 Citadel Industries Paints, Coatings, & Sealants Manufactures custom pressure label materials and tapes Green Bay Packaging
Oct-18 Berry & Associates General Chemical Provides stable isotope labelled nucleosides and phosphoramidites Firmenich
Oct-18 Rapid-Pac. Specialty Materials Manufactures packaging products, including label materials, tapes, and mailing tubes B2B Industrial Packaging
Oct-18 Alva-Tech Specialty Materials Manufactures intumescent fire stop material Specified Technologies
Oct-18 FiberFix Specialty Materials Manufactures pre-impregnated repair wraps, tapes, and patches J-B Weld
Oct-18 HydraMaster General Chemical Manufactures carpet, floor, and upholstery cleaning products Bluefin Global
Oct-18 Crowley Chemical/Rusmar Specialty Materials Manufactures and develops specialty aromatic oil blend used primarily as resin extenders CCR Specialty Chemicals
Oct-18 FAR Research General Chemical Manufactures reagents and intermediates Cyalume Technologies Holdings
Oct-18 Cortec Global Services General Chemical Manufactures corrosion control ingredients Presserv
Oct-18 Materials Sciences Specialty Materials Develops composite material and structures Seemann Composites
Oct-18 Paragon Plastics Specialty Materials Manufactures injection molded and extruded carriers and containers Ashley Industrial Molding
Oct-18 Pacer Technology Paints, Coatings, & Sealants Manufactures and distributes private label solutions Grupo AC Marca
Oct-18 Molded Dimensions Specialty Materials Manufactures precision-molded rubber and cast polyurethane mechanical components ShoreView Industries
Sep-18 TyraTech General Chemical Manufactures and distributes proprietary insect and parasite control products American Vanguard (NYSE:AVD)
Sep-18 Performance Plastics Specialty Materials Manufactures plastic components and liquid crystal polymer resins Asahi/America
Sep-18 Polytek Development Specialty Materials Manufactures liquid molded rubbers and liquid casting plastics and resins Arsenal Capital Partners
Sep-18 Sandream Impact General Chemical Distributes specialty chemicals to the cosmetic, personal care, and nutritional markets Aakash Chemicals and Dyestuffs
CHEMICALS JANUARY 2019 MARKET UPDATE
M&A TRANSACTIONS, CONTINUED
7
Source: Capital IQ
RECENT LEAGUE PARK CHEMICALS ENGAGEMENTS
Sell-Side M&A Advisory
has been acquired by
Strategic Advisory
Strategic Advisory
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Announced
Date Target Market Segment Description Acquirer
Sep-18Resins Business of Rayonier Advanced Materials (NYSE:RYAM)
Specialty Materials Produces chemical resins used in the manufacturing of engineered wood products LRBG Chemicals
Sep-18 Senomyx General Chemical Researches and develops healthy alternative ingredients for the food and beverage industry Firmenich
Sep-18 Trident Components Die & Organic Pigments Manufactures die cast components Sage Metals
Sep-18 Contechem Paints, Coatings, & Sealants Manufactures sapstain control formulations U-C Coatings
Sep-18 Kirkhill-TA Specialty Materials Manufactures and distributes rubber products primarily for the aerospace and defense industries HEXPOL (OM:HPOL B)
Sep-18 Uniseal Paints, Coatings, & Sealants Manufactures specialty adhesives and sealants LG Chem (KOSE:A051910)
Sep-18 Xstriva dba. The Amarna Company General Chemical Manufactures water-based release agents Vantage Specialty Chemicals
Sep-18 Parco Specialty Materials Manufactures and distributes custom molded rubber seals and O-rings Dätwyler Holding (SWX:DAE)
Sep-18 SI Group General Chemical Manufactures a large portfolio of chemical intermediates, specialty resins, and solutions Addivant USA
Aug-18Jayhawk Fine Chemicals Business of Evonik
General Chemical Provides custom manufacturing services for fine chemicals Permira Advisers
Aug-18 ACH Foam Technologies Specialty Materials Manufactures and distributes expanded polystyrene (EPS) products Atlas Roofing
Aug-18 Laticrete Supercap Specialty Materials Manufactures self leveling underlayments and skimcoat products LATICRETE
Aug-18 KMG Chemicals General Chemical Manufactures and distributes specialty chemicals primarily to clean silicon wafersCabot Microelectronics (NasdaqGS:CCMP)
Aug-18 Pioneer Metal Finishing General Chemical Distributes metal finishing products to equipment manufacturers Aterian Investment Partners
Aug-18 Premier Material Concepts Specialty Materials Manufactures custom, high-performance plastic sheet and roll stock SIMONA (DB:SIM)
Aug-18 Xerium Technologies Specialty Materials Manufactures forming fabrics used in industrial applications, such as paper-making machines Andritz (WBAG:ANDR)
Aug-18 Tomken Plastic Technologies Specialty Materials Manufactures plastic injection molds and offers engineering services for industrial applications Quality Models
Aug-18 W.F. Taylor Paints, Coatings, & Sealants Manufactures and distributes flooring adhesives, sealers, epoxy systems, and chemical agents Meridian Adhesives Group
Aug-18 Washing Systems General Chemical Manufactures wash-aisle chemistry, wastewater treatment, and specialty chemicals products Kao USA
CHEMICALS JANUARY 2019 MARKET UPDATE
LEAGUE PARK OVERVIEW
League Park is a boutique investment bank committed to advising clients on strategies to try and maximize shareholder value. League Park counsels its clients on monetizing business value through sales and recapitalizations, enhancing corporate value through strategic acquisitions, and raising capital to fuel growth.
League Park’s senior bankers have decades of investment banking and M&A experience, completing over 300 transactions in the past 25 years. The League Park team pledges to provide sophisticated, specialized attention at every stage of the transaction process with a unique blend of financial, strategic, and operational expertise.
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Sell-Side M&A Advisory
League Park offers focused strategies to help our clients
assess their strategic alternatives and realize liquidity events
Capital Raising & Recapitalizations
League Park advises clients on strategies to successfully grow,
monetize, and appropriately capitalize their businesses
Buy-Side M&A Advisory
League Park provides specialized outsourced corporate
development services, tailoring buy-side programs to the specific
needs of its acquisitive clients
BUSINESS SERVICES
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INDUSTRY EXPERTISE
ADVISORY CAPABILITIES
CONTACT
For more information, please contact:
SEAN DORSEYFOUNDER & CEO
WAYNE TWARDOKUSMANAGING DIRECTOR
216.455.9990
216.455.9989
CHEMICALS JANUARY 2019 MARKET UPDATE
RECENT TRANSACTIONS
9
INDUSTRIAL & CHEMICALS
BUSINESS SERVICES, CONSUMER, HEALTHCARE & IT
CHEMICALS JANUARY 2019 MARKET UPDATE
SOURCES & DISCLOSURE
10
SOURCES REFERENCED
American Chemistry Council (ACC)
American Coatings Association
Bureau of Labor Statistics (BLS)
Capital IQ
Company Investor Presentations
Dorsey & Whitney
Federal Reserve Bank of St. Louis
Gasworld
ICIS
Organization for Economic Cooperation & Development (OECD)
US Census Bureau
DISCLOSURE
The preceding report has been prepared by League Park. This report is an overview and analysis of the industry and consolidation trends and is not intended to provide investment recommendations on any specific industry or company. It is not a research report, as such term is defined by applicable law and regulations. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. In addition, this report is distributed with the understanding that the publisher and distributor are not rendering legal, accounting, financial or other advice and assume no liability in connection with its use. This report does not rate or recommend securities of individual companies, nor does it contain sufficient information upon which to make an investment decision. Any projections, estimates, or other forward looking statements contained in this report involve numerous and significant subjective assumptions and are subject to risks, contingencies, and uncertainties that are outside of our control, which could and likely will cause actual results to differ materially.
These materials are based solely on information contained in publicly available documents and certain other information provided to League Park, and League Park has not independently attempted to investigate or to verify such publicly available information, or other information provided to League Park and included herein or otherwise used. League Park has relied, without independent investigation, upon the accuracy, completeness and reasonableness of such publicly available information and other information provided to League Park. These materials are intended for your benefit and use and may not be reproduced, disseminated, quoted or referred to, in whole or in part, or used for any other purpose, without the prior written consent of League Park. Nothing herein shall constitute a recommendation or opinion to buy or sell any security of any publicly-traded entity mentioned in this document.
Securities offered through SFI Capital Group, LLC, Member FINRA, Member SIPC and the affiliated broker-dealer of League Park Advisors, LLC