Solvay - Continues with delivering
• Q2-23 EBITDA was 3-4% ahead of expectations. • Solvay reiterates its FY23 guidance on EBITDA, despite the challenging environment. It even raises its FY23 FCF guidance.• We remain positive on the separation as we see significant room for a re-rating of Syensqo. Our 2024E SOTP arrives at EUR 143 p/s, which can be broken down in EUR 112 p/s for Syensqo and EUR 31 p/s Solvay 2.0.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).
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