Financial PerformanceReduction in 2024 EBITDA to $1.5B, approximately $0.4B below prior estimates and consensus, indicates potential financial struggles.
Market OversupplyExpectations of oversupply in the 2025 Euro RD and SAF markets, coupled with uncertainty around European SAF premiums, could negatively impact the stock.
Stock ValuationThe stock has derated from trading at over 10X to 8X in the past 12 months, underperforming its largest US peer.