Solvay - A resilient cash returner
The ‘new' Solvay is a resilient cash flow generator active in essential chemicals such as soda-ash and peroxide. It has a strong commitment to return at least EUR 2.43 p/s in dividend which means an attractive dividend yield of >11%. We initiate with a Buy and TP of EUR 32 based on a target EV/EBITDA of 5.5x on our 2025E estimates, in line with a weighted peer group average.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).
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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