 TSE announcements 1 crushed estimates for Q4. They provided a range midpoint of 144 million EBITDA which is 62 higher than consensus. TSE should have been up 10 given the magnitude of the beat. 2 Impending sale of synthetic rubber business increases margins, lowers volatility, lowers capital intensity. With EV2.4 billion, selling rubber for 800mm-1b will be highly accretive as sales multiple higher than TSE. 