Solvay S.A.

Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).
  • TickerSOLB
  • ISINBE0003470755
  • ExchangeEuronext Brussels
  • SectorChemicals
  • CountryBelgium
ING
ING Helpdesk

Benelux Morning Notes

Core Laboratories: Credit facility amendment, cost savings. NN Group: CMD – the right message - OCG €1.5bn in 2023. Solvay: Trading update and €1.5bn impairment

Guy Sips ...
  • Jason Kalamboussis
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: BAR BB, CPINV BB, GIMB BB, MITRA BB, NN NA, SOLB BB, XIOR BB

Barco: Share split by a factor 7 as of 1 July CP Invest: Post ABB LTV in shape for further growth Gimv: Information on stock dividend Mithra: Estelle NDA submission accepted by FDA NN Group: CMD targets: ambitious OCG, no disposals in view Solvay: Revenue down 20% in April-May, € 1.5bn impairment Xior: Surprising resistant occupancy ramp-up

Jérôme VINERIER

Analyse court terme - SOLVAY : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 98,38 €. La tendance de fond serait remise en cause en cas de franchissement de 119,00 €.

Jérôme VINERIER

Short term view - SOLVAY : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €98.38. The background trend would be questioned should prices rise above €119.00.

Jérôme VINERIER

Analyse court terme - SOLVAY : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 98,38 €, puis 94,15 €. Le franchissement de 119,00 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - SOLVAY : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €98.38, then €94.15. Passing €119.00 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - SOLVAY : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 90,40 €, puis 74,62 €. Le franchissement de 118,58 € remettrait en cause la suite de la baisse.

ING
ING Helpdesk

Benelux Morning Notes

Core Laboratories: Credit facility amendment, cost savings. NN Group: CMD – the right message - OCG €1.5bn in 2023. Solvay: Trading update and €1.5bn impairment

Guy Sips ...
  • Jason Kalamboussis
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: BAR BB, CPINV BB, GIMB BB, MITRA BB, NN NA, SOLB BB, XIOR BB

Barco: Share split by a factor 7 as of 1 July CP Invest: Post ABB LTV in shape for further growth Gimv: Information on stock dividend Mithra: Estelle NDA submission accepted by FDA NN Group: CMD targets: ambitious OCG, no disposals in view Solvay: Revenue down 20% in April-May, € 1.5bn impairment Xior: Surprising resistant occupancy ramp-up

Alan Vandenberghe ...
  • Guy Sips
  • Joachim Vansanten
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: CPINV BB, COLR BB, DSM NA, INTO BB, QFG BB, SOLB BB, TWEKA NA, TUB BB

Colruyt: Feedback Analyst Call CP Invest: Yet another acquisition announcement DSM: Issues € 1bn bonds to finance Erber Group IO&W: Connecting with the future Quest for Growth: Illumina acquires BlueBee Solvay: Rumours about sale of two smaller units TKH Group: Interim trading update Tubize: UCB for half the price

ING
ING Helpdesk

Benelux Morning Notes

Sligro: Slow opening of Dutch hospitality outlets. Umicore/AMG/Solvay: Germany doubles down on electric vehicles

Alan Vandenberghe ...
  • Jason Kalamboussis
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Feedback Virtual Benelux Conference

On Thursday 28 May 2020, KBC Securities hosted its first 100% virtual Flagship Conference. 10 out of the 11 companies were represented by C-level management. The conference was well-attended as we welcomed over 100 national and international investors. We planned around 60 meetings over the day, combining one on ones and group meetings. The preliminary feedback gathered from both investors and companies, is extremely positive. Many investors got the opportunity to dig deeper into selected investment cases and some discovered interesting new companies. In this document, we summarize the main ...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Solvay SA - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Solvay SA - December 2016 (LTM) 13 April 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2020

Faced with uncertainty as to what shape the next recovery cycle may take, we have attempted to build a sector allocation approach based on three pillars: 1/ buy sectors offering an EY - Bund spread higher than the long-term average) 2/ minimise the risk on earnings expectations by favouring sectors for which the speed of revision is higher than that achieved at the same time stage of the crisis in 2008-2009 3/ favour sectors whose price performance is more severe than the decline in e...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/05/2020

Face à l’incertitude que représente la forme du prochain cycle de reprise, nous avons tenté de bâtir une allocation sectorielle fondée sur trois piliers : 1/ achat de secteurs offrant un spread EY – Bund supérieur à la moyenne de long terme, 2/ minimisation du risque sur les résultats en favorisant les secteurs dont la vitesse de révision est supérieure à celle atteinte, au même stade temporel de la crise, en 2008-09, 3/ favoriser les secteurs dont la performance prix est plus sévère ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/17/2020

Applying basic assumptions related to the duration of total confinement measures (still to be taken in western countries) and the partial recovery of lost activity once the epidemic is behind us, we estimate that 2020 EPS will decline by 17% vs 2019. This variation is likely to be amplified as the duration of the confinement increases. Using the instantaneous cost of capital (11.35% at the time of writing), this yields a Stoxx 600 target of 256 points. Don’t catch a falling knife. - ...

SOLVAY SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SOLVAY SA (BE), a company active in the Speciality Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 19, 2020, the closing price was EUR 74.20 and its potential was estimated at EUR 86.80.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Solvay – AGM 12 May 2020

Resolution 2: Ilham Kadri's total compensation amounts to €5,321,151 (including compensation for loss of compensation from previous employment and relocation expenses), i.e. 195% of the median of total compensation of SBF120 executives. It should be noted that she took over the management of the Group on 1 March 2019, which corresponds to only 10 months of presence for the 2019 financial year.   Resolution 4: Concerning the allocation of the result, despite a distribution rate of 326%, this is due to the impairment of € 825 million recorded during the 2019 financial year. Even though this ch...

Pierre-Antoine Bourgoin

Solvay - Assemblée Générale du 12 mai 2020

La rémunération totale d'Ilham Kadri s'élève à 5 321 151 € (comprenant une indemnité pour la perte de rémunération d'un emploi antérieur et les frais de relocalisation), soit 195% de la médiane des rémunérations totales des dirigeants du SBF120. Elle représente 255 SMICs, ce qui excède notre plafond de 240 SMICs. Précisons qu'elle n'a repris la direction du Groupe que le 1er mars 2019, ce qui correspond à seulement 10 mois de présence au titre de l'exercice 2019. Concernant l'affectation du résultat, malgré un taux de distribution de 326%, celui-ci est à relativiser en raison de la dépréciati...

Pauline Delecourt

SOLVAY - Assemblée Générale Extraordinaire des actionnaires du 3 avril 2020

La société propose de renouveler deux autorisations (résolutions 1 et 2) pour une durée de 5 ans. Proxinvest note que dans la nouvelle rédaction de l’article 8 (résolution 2), la société ne prévoit plus la possibilité d’utiliser cette délégation en période d’OPA, ce que Proxinvest félicite. De plus, il est proposé de moderniser les anciens statuts (résolutions 3 et 4) et de les aligner sur les pratiques actuelles. Afin d’aligner les statuts sur le « CAC » (Companies and Associations Code) et de simplifier et moderniser certaines dispositions, il est proposé de remplacer le texte actuel des a...

Expert Corporate Governance Service (ECGS)

Solvay - EGM 3 april 2020

ITEMS 1 and 2: the Company seeks shareholder approval to renew two authorizations for a period of 5 years. ECGS notes that the new text of article 8 (ITEM 2) does not allow the company to use its authorization during a takeover bid anymore. Both authorizations respect ECGS’ guidelines and we recommend shareholders to approve. ITEMS 3 and 4: the Company seeks shareholder approval to align the articles of association with the CAC (Companies and Associations Code), and simplify and modernize certain provisions. Consequently, it is proposed to replace the current text of the articles of associati...

Expert Corporate Governance Service (ECGS)

Solvay - AGM 14 May 2019

This year, the company had an important management change. Indeed, Jean-Pierre Clamadieu resigned from his position as CEO and is replaced by Ilham Kadri. The new CEO will be proposed to the board along with two re-appointments. We regret that the Company continues to grant stock options without performance conditions, even if it is allegedly justified by the fact that the company is Belgian.

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