Solvay - Solid last quarter before separation
• Despite a challenging top line, Q3-23 EBITDA was some 3% above consensus expectations due to strong margins, in particular at Chemicals. • Solvay sticks to its FY23 outlook, but now guides towards the lower end of the EUR 2.9-3.1bn EBITDA range, which is as anticipated. • We remain positive on the upcoming separation, as outlined in our in-depth report called 'Rerating from separating'. We reiterate our Buy and TP of EUR 143 p/s (EUR 111 p/s for Syensqo and EUR 32 p/s for 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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