Added to YB: 2026-09-10
Pitch date: 2026-09-08
CLMT [bullish]
Calumet, Inc.
+1.77%
current return
Author Info
The Pale Blue Dot is an ex-investment banker with more than a decade of experience in M&A advisory, capital raising and equity derivatives. Sign up for the newsletter.
Company Info
Calumet, Inc. manufactures, formulates, and markets a slate of specialty branded products and renewable fuels in North America and internationally.
Market Cap
$4.7B
Pitch Price
$54.72
Price Target
80.00 (+48%)
Dividend
N/A
EV/EBITDA
86.18
P/E
-33.83
EV/Sales
1.56
Sector
Oil, Gas and Consumable Fuels
Category
turnaround
Updates on Calumet Specialty ($CLMT)
CLMT (trimmed position): The Calumet position has been trimmed into ~170% year-to-date strength but remains a significant >10% NAV holding. Q3 specialty margins and Gulf Coast cracks are tracking above Q2, while 2025 refinery exemptions eliminate roughly $170m of RIN obligations; the remaining thesis is that excess cash accelerates deleveraging while MRL ramps up. A full-deleveraging, 10x mid-cycle scenario yields $80 per share, 50% upside, though refining remains cyclical.
Read full article (3 min)