Emulsions, useful for imparting water resistance to gypsum products are
disclosed. The emulsions of the invention include at least one wax, an
alkyl phenol and a hydrophyllic metallic salt, preferably magnesium
sulfate. The emulsions of the invention do not require the addition of a
starch compound and therefore exhibit enhanced stability even at higher
solids content then compared to prior art emulsions.