What: Shares of chemical maker Olin Corporation (OLN -0.15%) fell as much as 17% in early trading Wednesday after the company reported disappointing fourth quarter results.

So what: Sales in the quarter was $1.27 billion, which was well short of the $1.54 billion Wall Street analysts had estimated. Bottom line results were also disappointing with Olin reporting a loss of $59.3 million, or $0.37 per share, after analysts expected a $0.20 per share profit.  

To make matters worse, first quarter earnings are expected to be $0.22 to $0.32 per share, even after pulling out acquisition related costs, and analysts had been expecting earnings of $0.33 per share.

Now what: Olin's results can be volatility quarter to quarter and the acquisition of Dow's chlor alkali and other businesses. That muddied results a bit, including $84.6 million in acquisition related costs that dragged down results. Expectations for the company post merger may have been a bit too high but now that it's complete and synergies will start being realized I think the stock is in an attractive position.

Olin's enterprise value, or debt plus equity, is just 6.5 time the midpoint of $915 to $985 in EBITDA guided for 2016. That's a solid value and will give management the ability to pay down debt to reduce leverage or even increase the dividend. One quarter's earnings miss should just be a blip on the radar for Olin.