SPCM S.A. is the world's largest producer of polyacrylamide products used for water treatment. Global exposure to municipal, industrial, and oil and gas markets provide good resilience to GDP cyclicality, with robust capacity expansion and solid growth potential. Good geographic and asset diversification, with over 35,000 customers globally. Low product diversification, as well as exposure to competition and volatile propylene costs, which represent the bulk of the company's raw materials. Material capital expenditure (capex) to add capacity and working capital, in line with strong volume growth in 2017-2018, resulting in neutral to negative free operating cash flow (FOCF). A spike in leverage in 2017, with the S&P Global Ratings-adjusted debt-to-EBITDA ratio temporarily above 3.0x and funds from operations (FFO) to
