Westlake Corp

WLK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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New Morningstar Analyst Report for Westlake Chemical

David Wang , Seth Goldstein

Feb 21, 2017

Business Strategy and Outlook

In our view, years of record profits are over for U.S. olefin producers that make ethylene, a chemical building block for plastics. Westlake Chemical generates the overwhelming majority of its profits from U.S. olefin production and serves as a play on the oil/gas price ratio as well as the fractionation spread, the difference between gas and natural gas liquid, or NGL, prices.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Westlake Corp

New Morningstar Analyst Report for Westlake Chemical

Business Strategy and Outlook

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