Report
Syensqo - A cautious start
• FY23 EBITDA was broadly in line, but the FY24 EBITDA guidance range is below consensus, at mid-point range some 5-6%, but looks prudent. • Although this is a cautious start as an independent company, the investment case remains unchanged. We see ample room for a rerating as the discount to peers is still unjustifiably high at >25%. • We reiterate our Buy rating and TP of EUR 111 p/s, based on a target EV/EBITDA of 8x 2025E.
Underlying
SYENSQO
Provider
Degroof Petercam
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.
Frank Claassen
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