:root { color-scheme:light; --ink:#172733; --muted:#5c6870; --line:#cbd4d8; --paper:#ffffff; --back:#dfe5e7; --navy:#073b5c; --navy-deep:#102c3d; --cyan:#009fca; --cyan-soft:#e7f4f7; --yellow:#f4b600; --orange:#dc7b20; --green:#2d7d60; --red:#b54945; --stone:#6f7e86; }
* { box-sizing:border-box; }
html { scroll-behavior:smooth; }
body { margin:0; background:var(--back); color:var(--ink); font-family:"Avenir Next","Gill Sans Nova","Gill Sans",sans-serif; font-size:14px; line-height:1.48; }
a { color:#006b91; text-underline-offset:2px; }
.report-top { min-height:50px; display:flex; justify-content:space-between; align-items:center; padding:0 26px; border-bottom:3px solid var(--yellow); background:var(--navy-deep); color:#fff; }
.report-brand { display:flex; align-items:baseline; gap:12px; }.report-brand strong { font-size:20px; }.report-brand span,.report-cut { color:#dce6eb; font-size:12px; }
.layout { display:grid; grid-template-columns:228px minmax(0,1fr); max-width:1570px; margin:0 auto; background:var(--paper); min-height:100vh; }
nav { border-right:1px solid #bfcbd0; padding:18px 12px 36px; background:#edf1f2; }
nav a { display:grid; grid-template-columns:26px 1fr; gap:7px; color:#354852; text-decoration:none; padding:7px 7px; border-left:3px solid transparent; font-size:12px; line-height:1.25; }
nav a span { color:#70828a; font-variant-numeric:tabular-nums; }
nav a:hover { color:var(--navy); border-left-color:var(--cyan); background:#fff; }
main { min-width:0; padding:0 42px 80px; }
h1,h2,h3,h4 { letter-spacing:0; }
h1 { max-width:790px; margin:0; font-size:48px; line-height:1.03; color:#fff; }
h2 { margin:0; font-size:26px; line-height:1.12; color:var(--navy-deep); }
h3 { margin:0 0 10px; font-size:15px; line-height:1.25; color:var(--navy); }
h4 { margin:18px 0 7px; }
section { scroll-margin-top:16px; }
.report-cover { padding:0 0 42px; border-bottom:5px solid var(--navy); }
.cover-hero { position:relative; min-height:520px; margin:0 -42px; overflow:hidden; background:var(--navy-deep); }
.cover-hero>img { position:absolute; inset:0; width:100%; height:100%; object-fit:cover; object-position:center; }
.cover-overlay { position:absolute; inset:0; display:flex; flex-direction:column; justify-content:space-between; padding:30px 46px 40px; background:rgba(7,36,57,.70); }
.cover-masthead { display:flex; justify-content:space-between; gap:24px; color:#eef7fa; font-size:12px; text-transform:uppercase; }
.report-type { margin:0 0 10px; color:#ffd15a; font-size:15px; font-weight:700; text-transform:uppercase; }
.cover-thesis { max-width:700px; margin:18px 0 22px; color:#f1f5f6; font-size:18px; line-height:1.42; }
.cover-identifiers { display:flex; flex-wrap:wrap; gap:0; color:#fff; font-size:13px; }.cover-identifiers span { padding:0 14px; border-left:1px solid rgba(255,255,255,.45); }.cover-identifiers span:first-child { padding-left:0; border-left:0; }
.recommendation-strip { display:grid; grid-template-columns:1.15fr repeat(5,1fr); margin:0 -42px; background:var(--navy-deep); color:#fff; border-top:4px solid var(--yellow); }
.recommendation-strip>div { min-height:88px; padding:16px 15px; border-right:1px solid rgba(255,255,255,.2); }.recommendation-strip>div:last-child { border-right:0; }
.recommendation-strip strong { display:block; color:#fff; font-size:20px; line-height:1.15; }.recommendation-strip span { display:block; margin-top:5px; color:#bcd0d9; font-size:11px; }
.recommendation { background:var(--cyan); }.recommendation strong { font-size:27px; }.recommendation span { color:#fff; }
.cover-disclosure { margin:9px 0 0; color:var(--muted); font-size:10.5px; }
.report-cover .section-body { display:grid; grid-template-columns:repeat(12,minmax(0,1fr)); gap:24px; padding-top:30px; }
.report-cover .report-block:nth-child(1) { grid-column:1/-1; }.report-cover .report-block:nth-child(2) { grid-column:span 8; }.report-cover .report-block:nth-child(3) { grid-column:span 4; border-left:4px solid var(--yellow); padding:14px 16px; background:#f3f7f8; }
.editorial-section { padding:42px 0 34px; border-bottom:1px solid var(--line); }
.section-header { display:grid; grid-template-columns:48px 1fr; gap:15px; align-items:start; margin-bottom:24px; padding-top:10px; border-top:4px solid var(--navy); }
.section-header>span { display:flex; width:38px; height:38px; align-items:center; justify-content:center; background:var(--yellow); color:var(--navy-deep); font-weight:750; font-variant-numeric:tabular-nums; }
.section-header p { max-width:800px; margin:6px 0 0; color:var(--muted); font-size:13px; }
.section-body { display:grid; grid-template-columns:repeat(12,minmax(0,1fr)); gap:26px 24px; }
.report-block { grid-column:1/-1; min-width:0; padding-top:10px; border-top:2px solid #90c5d5; }
.analysis-block { grid-column:1/-1 !important; }
.report-block p { margin:8px 0; }.report-block>p:first-of-type { margin-top:0; }
.analysis-prose { max-width:980px; columns:2; column-gap:34px; }.analysis-prose p { margin:0 0 12px; break-inside:avoid; text-align:justify; hyphens:auto; }
.risk-analysis { display:grid; grid-template-columns:1fr 1fr; gap:16px 22px; margin-top:18px; }.risk-item { min-width:0; padding:12px 0 4px; border-top:3px solid var(--navy); break-inside:avoid; }.risk-item header { display:flex; justify-content:space-between; gap:14px; align-items:flex-start; }.risk-item h4 { margin:0; color:var(--navy-deep); font-size:13px; }.risk-item header span { flex:0 0 auto; color:var(--muted); font-size:10px; font-weight:700; }.risk-item p { margin:7px 0; }.risk-matrix .risk-code { fill:#fff; font-size:9px; font-weight:750; }
.monitoring-grid { display:grid; grid-template-columns:1fr 1fr; gap:16px 22px; margin-top:18px; }.monitoring-grid article { padding-top:10px; border-top:2px solid var(--navy); break-inside:avoid; }.monitoring-grid h4 { margin:0 0 6px; color:var(--navy-deep); font-size:13px; }.monitoring-grid p { margin:0; }
.source-note { color:var(--muted); font-size:10.5px; margin:8px 0 0; border-top:1px solid #dbe3e6; padding-top:6px; }
.source-note a { margin-left:4px; }
.editorial-figure { margin:0 0 28px; border-bottom:1px solid var(--line); padding-bottom:8px; }
.figure-images { display:grid; grid-template-columns:1fr; gap:8px; width:100%; height:340px; overflow:hidden; background:#dfe8eb; }
.editorial-figure.duo .figure-images { grid-template-columns:1fr 1fr; }
.figure-images img { width:100%; height:100%; object-fit:cover; min-width:0; }
.editorial-figure figcaption { padding-top:7px; color:var(--muted); font-size:10.5px; }.editorial-figure figcaption strong { color:var(--navy); }
.table-wrap { overflow:auto; margin:9px 0 16px; border-top:2px solid var(--navy); border-bottom:1px solid var(--line); }
table { width:100%; border-collapse:collapse; font-size:11.5px; line-height:1.35; font-variant-numeric:tabular-nums; }
th { text-align:left; background:var(--cyan-soft); color:var(--navy-deep); font-weight:700; }
th,td { padding:7px 8px; border-bottom:1px solid #d7e0e3; vertical-align:top; }
tr:last-child td { border-bottom:0; } tbody tr:hover { background:#f7fafb; }
pre { overflow:auto; white-space:pre-wrap; background:#edf3f5; border-left:4px solid var(--cyan); padding:12px 14px; font:11.5px/1.5 "SFMono-Regular","IBM Plex Mono",monospace; }
.chart { display:block; width:100%; max-width:960px; min-height:210px; margin:10px 0 18px; border-top:1px solid var(--line); border-bottom:1px solid var(--line); background:#fff; }
.chart text { fill:#4f616a; font-size:10.5px; }.chart rect { fill:var(--cyan); }.chart .value { fill:var(--navy-deep); font-weight:700; }.chart .value.small { font-size:8.5px; }
.chart .line { fill:none; stroke:var(--cyan); stroke-width:2.7; }.chart .point { fill:var(--cyan); stroke:#fff; stroke-width:1.5; }.chart .point.forecast { fill:var(--yellow); }
.chart .chart-title { font-weight:750; font-size:13px; fill:var(--navy-deep); }.chart .axis { stroke:#82939b; stroke-width:1; }.chart .grid { stroke:#dfe6e8; stroke-width:1; }
.chart .positive { fill:var(--green); }.chart .negative { fill:var(--red); }.chart .series-a { fill:var(--navy); }.chart .series-b { fill:var(--cyan); }.chart .series-c { fill:var(--yellow); }.chart .series-d { fill:var(--orange); }
.chart .multi-line { fill:none; stroke-width:2.5; }.chart .multi-line.line-a,.chart .legend-line.line-a { stroke:var(--navy); }.chart .multi-line.line-b,.chart .legend-line.line-b { stroke:var(--cyan); }.chart .multi-line.line-c,.chart .legend-line.line-c { stroke:var(--yellow); }.chart .multi-line.line-d,.chart .legend-line.line-d { stroke:var(--red); }.chart .multi-line.line-e,.chart .legend-line.line-e { stroke:var(--stone); }
.chart .multi-point.line-a { fill:var(--navy); }.chart .multi-point.line-b { fill:var(--cyan); }.chart .multi-point.line-c { fill:var(--yellow); }.chart .multi-point.line-d { fill:var(--red); }.chart .multi-point.line-e { fill:var(--stone); }.chart .legend-line { stroke-width:3; }
.chart .market-reference { stroke:var(--navy-deep); stroke-width:2; stroke-dasharray:5 4; }.chart .market-label { fill:var(--navy-deep); font-weight:700; }.chart .valuation-connector { stroke:#aab8be; stroke-width:3; }.chart .valuation-point { stroke:#fff; stroke-width:2; }.chart .valuation-bear { fill:var(--red); }.chart .valuation-base { fill:var(--cyan); }.chart .valuation-bull { fill:var(--green); }.chart .valuation-alt { fill:var(--yellow); }
.heat { display:block; min-width:70px; padding:7px 8px; text-align:center; background:color-mix(in srgb,#f2cfcb,#68b7c8 calc(var(--heat) * 100%)); color:var(--navy-deep); }
.sensitivity td { padding:3px; }.sensitivity td:first-child { padding:8px; font-weight:700; }
ul { padding-left:19px; } li { margin:3px 0; }
#investment_summary [data-editable-block="base_case"] { grid-column:span 5; } #investment_summary [data-editable-block="valuation_range"] { grid-column:span 7; }
#thesis_variant_view [data-editable-block="variant_view"],#thesis_variant_view [data-editable-block="thesis_mechanisms"],#thesis_variant_view [data-editable-block="falsification"] { grid-column:span 4; }
#company_business_model [data-editable-block="ownership"] { grid-column:span 4; } #company_business_model [data-editable-block="segment_actuals"] { grid-column:span 8; }
#segments_capacity_projects [data-editable-block="capacity_comparison"],#segments_capacity_projects [data-editable-block="project_forecast_treatment"] { grid-column:span 6; }
#industry_product_cycle [data-editable-block="cycle_transmission"],#industry_product_cycle [data-editable-block="benchmark_limit"] { grid-column:span 5; } #industry_product_cycle [data-editable-block="market_proxy_chart"],#industry_product_cycle [data-editable-block="market_proxy_table"] { grid-column:span 7; }
#feedstock_cost_position [data-editable-block="feedstock_map"] { grid-column:span 5; } #feedstock_cost_position [data-editable-block="spread_framework"] { grid-column:span 7; }
#geography_end_markets [data-editable-block="geography_concentration"],#geography_end_markets [data-editable-block="customer_boundary"] { grid-column:span 6; }
#historical_financials [data-editable-block="historical_revenue_ebitda"],#historical_financials [data-editable-block="cash_conversion"] { grid-column:span 6; }
#forecast_framework [data-editable-block="revenue_formula"] { grid-column:span 5; } #forecast_framework [data-editable-block="fy2026_driver_bridge"] { grid-column:span 7; }
#valuation [data-editable-block="wacc_build"] { grid-column:span 5; } #valuation [data-editable-block="valuation_cross_checks"] { grid-column:span 7; } #valuation [data-editable-block="dcf_sensitivity"],#valuation [data-editable-block="peer_context"] { grid-column:span 6; }
#scenarios_catalysts_risks [data-editable-block="catalyst_register"],#scenarios_catalysts_risks [data-editable-block="risk_register"] { grid-column:span 6; }
#capital_allocation_esg_governance [data-editable-block="capital_priorities"],#capital_allocation_esg_governance [data-editable-block="esg_governance"] { grid-column:span 6; }
@media (max-width:1050px) { .layout { grid-template-columns:1fr; }.report-top { position:relative; } nav { display:flex; gap:2px; overflow-x:auto; padding:8px 12px; border-right:0; border-bottom:1px solid var(--line); } nav a { flex:0 0 190px; }.cover-hero,.recommendation-strip { margin-left:-42px; margin-right:-42px; } }
@media (max-width:760px) { main { padding:0 18px 52px; }.report-top { align-items:flex-start; flex-direction:column; gap:4px; padding:9px 16px; }.cover-hero,.recommendation-strip { margin-left:-18px; margin-right:-18px; }.cover-hero { min-height:520px; }.cover-overlay { padding:24px 20px 30px; }.cover-masthead { flex-direction:column; gap:3px; }.cover-copy h1 { font-size:37px; }.cover-thesis { font-size:16px; }.recommendation-strip { grid-template-columns:repeat(2,1fr); }.recommendation-strip>div { min-height:79px; }.report-cover .section-body,.section-body { display:block; }.report-block { margin-bottom:25px; }.analysis-prose { columns:1; }.risk-analysis,.monitoring-grid { grid-template-columns:1fr; }.risk-item header { display:block; }.risk-item header span { display:block; margin-top:4px; }.editorial-figure.duo .figure-images { grid-template-columns:1fr; height:auto; }.figure-images { height:250px; }.editorial-figure.duo img { height:230px; }.section-header { grid-template-columns:42px 1fr; }.table-wrap { margin-right:-18px; padding-right:18px; border-right:0; }.chart { min-width:0; width:100%; height:auto; }.source-note a { overflow-wrap:anywhere; } }
@page { size:A4; margin:11mm 12mm 13mm; }
@media print { body { background:#fff; font-size:9.3pt; line-height:1.35; }.report-top,nav { display:none; }.layout { display:block; }.layout main { padding:0; }.report-cover { break-after:page; border:0; padding:0; }.cover-hero { margin:0; min-height:105mm; height:105mm; }.cover-overlay { padding:10mm; }.cover-copy h1 { font-size:31pt; }.cover-thesis { font-size:12pt; }.recommendation-strip { margin:0; }.recommendation-strip>div { min-height:18mm; padding:3mm; }.cover-disclosure { font-size:6.8pt; }.report-cover .section-body { padding-top:7mm; gap:4mm; }.editorial-section { break-before:page; padding:0; border:0; }.section-header { margin:0 0 4mm; padding-top:3mm; }.editorial-figure { break-inside:avoid; margin-bottom:4mm; }.figure-images { height:62mm; }.section-body { gap:4mm; }.report-block { break-inside:avoid; padding-top:1.5mm; }.report-block:has(.table-wrap) { break-inside:auto; }.analysis-prose { columns:2; column-gap:8mm; }.risk-analysis,.monitoring-grid { grid-template-columns:1fr 1fr; gap:4mm 6mm; }.risk-item { padding-top:3mm; }.table-wrap { overflow:visible; }.chart { max-height:105mm; min-height:0; break-inside:avoid; } #financial_forecasts [data-editable-block="forecast_trends"] .chart { height:58mm; } #financial_forecasts [data-editable-block="segment_forecast"] .chart { height:54mm; } .source-note,.editorial-figure figcaption { font-size:6.8pt; } table { font-size:7.2pt; } th,td { padding:1.5mm 1.6mm; } #valuation [data-editable-block="dcf_sensitivity"],#valuation [data-editable-block="peer_context"] { grid-column:1/-1; break-inside:avoid; } a { color:var(--ink); text-decoration:none; } }

/* report-authoring-overrides */