EFTA Document EFTA01461984

29 July 2014 Chemicals / Specialty Eastman Chemical Valuation Our $100 target is based on Eastman trading at 13x 2015E EPS in 12 months, a 12% discount to its closest differentiated chemical peer Dow, which trades at 14.8x '15E EPS. We believe this multiple is warranted given the progress made integrating Solutia and cost synergies already realized. With the new Eastman becoming a more consistent, stable and predictable earnings generator, we believe Eastman's discount versus its main d