Solvay - Two for the price of one
• The CMD revealed new 5-years financial targets for Syensqo which met our expectations. The targets for Solvay 2.0 were even somewhat ahead.• With the upcoming separation (11 Dec), we see ample room for a multiple rerating of Syensqo, while ‘Solvay 2.0' will be an attractive dividend play.• We reiterate our Buy and TP of EUR 143 p/s, broken down in EUR 111 p/s for Syensqo (target EV/EBITDA 7.5x) and EUR 32 for Solvay 2.0 (5.5x). In our view the current share price of Solvay not even reflects the full value of Syensqo, let alone the remaining value of SolvaySolvay 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.