Ellen Kullman's Reverse Growth & Lower Value DuPont Strategy
Hawking a Phony Future for DuPont at the Credit Suisse County Fair
THE WEAK IN REVIEW
Good Afternoon, Bonsoir, Guten Abend, Buona Sera,
Readers, in the week just past, the weak passed on some cotton candy from the ever-cranking PR machine in Fortress Wilmington. On Thursday, Sept. 19, 2013, Ms. Kullman, DuPont Chieftess, drizzled the audience at the Credit Suisse Chemical and Agricultural Science Conference with her pipeline dreams of DuPont "growth" and "value", something DD shareholders have not seen in the entire 21st century.
Ms. Kullman brags she is progressing in her "strategy to build a higher growth, higher value company." The dismal commercial reality for this much shrunken and shrinking chemicals and second-place seeds conglomerate is DuPont has had reverse-growth and diminished value for a decade and a half. In May 1998, the market cap for DuPont was $110 billion; today it is half that, $55 billion. Investors have to slice through the Teflon Curtain and all the PR posturing to see what is really going on in this secretive, unwieldy conglomerate, deeply troubled.
Moreover, the income and balance sheet data of DuPont confirm this struggling conglomerate based in the dwarf state of Delaware has not grown in 15 years, but instead shriveled. For the full year 1997, DuPont had revenues of $45 billion, and a stockholders' equity, 12-31-97 of $11 billion. Flash forward to the most recent full year, 2012. DuPont had $35 billion in revenues and an equity of $10 billion as of 12-31-12.
Notwithstanding all the PR hoopla and hype and misleading dissimulation by DuPont's lacklustre "leaders", this Company has gone rigourously nowhere, and the long-term trajectory is, unfortunately, DOWN.
[TO BE CONTINUED]
Merely THE WEAK IN REVIEW digitally penned by one individual investor and long-time student of DuPont in