Solvay - Separation should lead to re-rating Syensqo
• We have tweaked our EBITDA estimates by 1-2% towards the low-end of the FY23 guidance range to reflect increased signs of macro-economic weakness.• The flagged one-off separation/restructuring charges were higher than we had anticipated and there has also been an additional PFAS settlement in the US. • Our 2024E SOTP now arrives at EUR 143 p/s (was EUR 148 p/s). This can be broken down in EUR 112 p/s for Syensqo and EUR 31 p/s Solvay 2.0. We remain positive on the separation as we see significant room for a re-rating of SyensqoSolvay 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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