Jefferies analyst Laurence Alexander estimates the combined Univar (UNVR) and Nexeo Solutions (NXEO) could achieve $2.70 of earnings per share by 2021 even in a "choppy" environment, with $5.65 per share of cumulative free cash flow over the next two years. A double in the share price by the end of 2020 to $44 per share would hinge on a Plastics divestiture, free cash flow and proceeds deployed to less than three-times net debt to EBITDA, and a stronger conversion ratio, lifting the multiple to 8.5 times EBITDA, 16.1 times earnings and a 6.5% free cash flow yield, Alexander tells investors in a research note. With the deal scheduled to close in the first half of 2019, the analyst does not expect a detailed update on synergies until early 2020. However, he sees "significant" potential upside to estimates and keeps a Buy rating on Univar. The analyst lowered his price target for the stock to $28 from $33.