What's Going On With Platform Specialty Products Corp (PAH)?

What's Going On With Platform Specialty Products Corp (PAH)? by Before Losing My Sanity

It’s been a tough year for anything remotely related to commodities or agriculture and Platform Specialty Products is certainly no exception. Since the highs of $28 during 2015 summer the stock is down some 70% (40% YTD), below the IPO price of $10. The PAH story was positioned as one of growth-via-M&A with best-in-class capital allocation/board/management/core shareholders (very sexy), which has turned into delevering, integration and focusing on operations (less sexy). In a blink of an eye PAH acquired six businesses (one just closed this December) for total EV of around $9.3bn compared to the current $6.8bn ($1.7bn equity).

The market punished PAH given the high leverage, recent...