Report
Syensqo - Improved volume momentum is encouraging
• Q1-24 was 3-4% ahead on EBITDA on improved volume momentum. Syensqo is comfortably on its way to meet FY24 guidance.• The separation has opened the way for a re-rating for which we still see ample room, as the discount to peers is still unjustifiably high at >20%. • We reiterate our Buy rating and TP of EUR 111, based on a target EV/EBITDA of 8x 2025E.
Underlying
SYENSQO
Provider
Degroof Petercam
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Frank Claassen
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