Solvay - Spotlight on separation
• New 2024-28 financial targets are presented at today's CMD for both Syensqo and Solvay 2.0. These new targets broadly meet our expectations for Syensqo, and even somewhat exceeded for Solvay2.0• We are positive on the upcoming separation, as we see ample room for a rerating of Syensqo (see in-depth report 'Rerating from separating').• We reiterate our Buy and TP of EUR 143 p/s, broken down in EUR 111 p/s for Syensqo (7.5x EV/EBITDA 2025E) and EUR 32 p/s for Solvay 2.0 (5.5x 2025E EV/EBITDA).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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