J P M O R G A N North America Equity Research 10 July 2026 Ashland Inc Chemicals: Specialty, Commodity, Agricultural, and Paper & Packaging Jeffrey J. Zekauskas AC (1-212) 622-6644 jeffrey.zekauskas@jpmorgan.com Lydia Huang (1-212) 622-0086 lydia.huang@jpmorgan.com Elections Are Coming Ashland is a specialty materials company with EBITDA margins in its core pharmaceutical intermediates and consumer businesses close to 30%. We think that the intrinsic value of Ashland's specialty assets is at least 11x EBITD ...