Financial PerformanceA reduction in 2024 EBITDA to $1.5 billion, significantly below previous estimates and consensus, suggests financial underperformance.
Market OversupplyExpectations of an oversupply in the Euro RD and SAF markets create uncertainty around European SAF premiums.
Stock ValuationThe stock's valuation has derated to 8x, which is lower than its historical trading level and comparable to its largest US peer.