Industrials / Basic Materials
Mr. Copley joined SSR as a Senior Partner in January 2012. He is a chemical engineer by education and has spent roughly half of his career in the chemical industry and half in investment research and equity management. Most recently Mr. Copley was Head of US Equities for Macquarie Securities Group, a Board director of Macquarie Securities USA (the broker dealer) for 3 years, and a member of the US management committee of Macquarie. Prior to Macquarie, Mr. Copley held the role of Global Head of Equity Research for HSBC. In addition to management roles in the equity business, he was a research analyst at Sanford C Bernstein & Co. LLC from 1996 to 2004, covering the chemical industry, where he was consistently ranked within the top three analysts in the sector.
Coverage Universe
Capital Goods: Caterpillar, Deere, ITW, Cummins, Eaton, Stanley Black & Decker, Parker Hannifin, Dover, Ingersoll Rand, Crane, Johnson Controls, Paccar, Pall, Flowserve, Donaldson, Timken, Pentair, Lincoln Electric, IDEX, Graco, Oshkosh, Borg Warner, Joy Global, Agco, Westinghouse AB, SPX Corp, Kennametal, Snap-On, Woodward, Nordson CLARCOR, Valmont, Trinity
Chemicals: Dow, DuPont, Air Products, PPG, Sherwin Williams, Ashland, IFF, Valspar, Newmarket, Cabot, Olin, Praxair, Airgas, LyondellBassell, Westlake, Huntsman, Rockwell, Cytec, Sigma Aldrich, Eastman, Albermarle, RPM, HB Fuller, PolyOne, Georgia Gulf (Axiall)
Conglomerates: GE, 3M, UTX, Honeywell, Carlisle, Danaher
Electrical Equipment: Emerson, Rockwell, Ametek, Hubble, Roper, Regal Beloit, Brady, II-VI, Franklin, Belden, General Cable, EnerSys
E&C: Fluor, Jacobs, URS, Quanta, KBR, AECOM, EMCOR
Metals and Mining: Alcoa, Newmont, Nucor, Cliffs, Carpenter, Commercial Metals, US Steel, Worthington, Freeport, Allegheny, Reliance Steel, Steel Dynamics, Compass Minerals
Packaging: Bemis, Ball, Sunoco, Sealed Air, Owens Illinois, Greif, Rock-Tenn, Aptar, Silgan, Packaging Corp of America
Paper: IP, Mead, Louisiana Pacific, Domtar, Buckeye
Transports: UPS, FedEx, Union Pacific, Norfolk Southern, Kansas City Southern, Landstar, Genesee Wyoming, Old Dominion, Ryder, Expeditors International, CH Robinson, Hertz, JB Hunt, CSX
Recent Blog Posts
Getting Left Behind – Hard For Industrials To Keep Pace With This Market
Confidence Gone? – If So, It’s a Long Way Down for Some; A Buying Opportunity for Others
Aluminum – Focus On The Bigger Picture
Petrochemical Investment – Doing the Right Thing For Yourself But Possibly Ruining It For Everybody
Q1 Review – Still Minimal Appetite For Risk
The Mood of the Chemical Industry – Its Déjà vu, Almost
Low Cost US – The Shift Is Underway, SLOWLY Reversing a 40 Year Trend
Optimism Everywhere – A Look at the S&P 500
Caution Abounds, But Guidance for 2013 Almost Certain To Be Wrong
China Exports Rising – How Happy Should We Be?
Slower Growth – Harder Decisions
Optimism In Estimates At Odds With Economic Pessimism
The Fickle Face of Fuel and Feedstocks
Slower Growth – Companies Talking the Talk; Will They Walk the Walk?
Slowdowns Breed Commoditization
Coatings Expensive? The Sellers Seem to Think So!
Grossly Impressed – US Industrials Gross Margin Expansion Suggests Innovation is Alive and Well
ISM- Increasingly Slower Manufacturing
GWR Buys RA – An Opportunity To Get In On The Game, But Taking a Chance
PPG-Georgia Gulf Business Combination – Sensible
The Risk of Failure Leads to Relatively Worthless Analysis – An Opinion
What’s In A House – Sadly Not Enough
It’s Easy to Argue Against Opinion, Much Harder Against Data – Ask Tom
June Review: Still No Overall Reason To Get Excited, Plus A Quick Take on the ISM
Sector & Sovereign Industrials & Basic Materials: Monthly Review, May 2012
Significant Downside Risk From an Inventory Correction – The Stars Are Aligned
Industrials and Basics – We Should Be Deal Shy
Chemicals Skepticism – A Wide Divergence, Commodities vs Coatings
The SSR Industrials & Basic Materials Skepticism Index
Q1 So Far: Some Tears, Some Laughter, No Real Conviction
Metals and Mining: Discounting Much More Than Appears To Be Going On
North American Commodity Chemicals: Shale Gale Maybe, Windfall More Definitely
Research Archive
When published, registered clients will be able to access the full-text of Graham Copley’s published research here.
Audio Archive
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