Solvac - FY23: Split and FY24 dividend likely stable
• FY23 NAV at EUR 178.6 p/s• We estimate today's NAV to be EUR 148.6 p/s, implying a discount of 29.4%. Although slightly above the long-term average of ~26%, we prefer a direct investment in Solvay or Syensqo• TP remains at EUR 146.5. Hold reiteratedSolvac is a holding company. Through its subsidiary, Solvay, Co. is active in Chemistry. Co. manufactures and sells chemicals and plastics products. Its operations can be divided into two business segments: Chemicals and Plastics. In the Chemicals Sector, Co.'s produts are divided into four clusters which are the Minerals cluster; the Electrochemistry and Fluorinated Products cluster; the Oxygen cluster; and the Organic cluster. In the Plastics sector, Co.'s products can be divided into 2 different clusters which are Specialties and Vinyls. The Specialties cluster comprises Specialty polymers and Inergy Automotive Systems. The Vinyls cluster comprises Vinyls and Pipelife.
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