NOVA CHEMICALS CORP. $24 (Toronto symbol NCX; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 83.1 million; Market cap: $2.0 billion; SI Rating: Extra risk) makes industrial plastics that manufacturers use to make a wide variety of products including auto parts, construction materials and packaging. Nova’s plant in Joffe, Alberta is the world’s largest producer of ethylene and polyethylene, and benefits from its proximity to Alberta’s large oil and gas reserves.
The stock peaked at $43.70 in July 2007, but has dropped since due to fears that a slowing economy in the United States would hurt demand for its products. The U.S. accounts for roughly 45% of sales.
Nova’s cyclical operations and exposure to volatile oil and gas prices adds risk. However, last year’s merger of its money-losing foam cup operations into a 50:50 joint venture cuts its costs.
The stock is still attractive at just 7.3 times its forecast 2008 earnings of $3.24 U.S. a share. The $0.40 (Canadian) dividend yields 1.7%.
Nova Chemicals is a buy.
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