I’m thinking of an investment in Eastman Chemical (EMN) and I was wondering if anyone else had a point of view on this company? They currently trade for about 9 times their 2011 earnings per share.  Debt is approximately 45% of capital - a little higher than I’d like but still reasonable.   Earnings have grown about 10%/year for the last 5 years but cash flow only about 3.5%/a year.  I’d guess the rate of earnings growth will decline or the rate of cash flow growth will increase but I’m a little concerned about this.  Return on Capital will be approximately 20% for 2011 while ROE will be about 30%.  Dividend around 2.7% represents less than 30% of earnings.  I’d love to hear what anyone else thinks about this possible investment.