Solvac - H1 2023: EUR 3.35 interim dividend
Solvac's H1 NAV up 7.4% to EUR 152.3 p/s mainly driven by the increase in Solvay's share price YTD and the payment of the interim dividendSolvac proposes an interim dividend of EUR 3.35 and expects a full year dividend of EUR 5.81.We estimate today's NAV (adjusted for the dividend to be paid out in midaugust) at EUR 148.3 p/s implying a discount of 23% TP moves to EUR 146.5 p/s,which is based on our TP for Solvay and a target discount of 30%.Although this provides an upside of 28.5% and a higher yield compared to Solvay, we would still optSolvac 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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