FMC is currently undergoing an unexpected Litmus test. Management has taken the opportunity to dig deeper into its business, striving for more resilient profitability, which seems to foil our strong view on FMC’s business model. We are still struggling with management’s performance as this have been done on a regular basis. In our view, FMC’s equity story has not really changed, but we are not that excited by the current financials nor the guidance.
