Report
Syensqo - Room for rerating
We have lowered our EBITDA estimates by mid-single digits on the back of ongoing challenging trading conditions and as pricing may turn slightly negative.Nevertheless, following the split-up, we still see ample room for more rerating as the discount to peers is still unjustifiably high at >25%. We therefore reiterate our Buy rating and TP of EUR 111 p/s, based on a target EV/EBITDA of 8x 2025E (was 7.5x).
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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