Report
Syensqo - Separation opens the way for rerating
Syensqo, the newly listed spun-off specialty chemicals part of Solvay, is a growth play on several green megatrends (electrification, light-weighing)We see ample room for a multiple rerating of Syensqo as in particular its Materials business has always been undervalued under the wings of Solvay.We initiate with a Buy and TP of EUR 111 p/s, based on a target EV/EBITDA 7.5x 2025E, which is still prudent vs a weighted peer group average of 8.6-9.7x. Over time there is room for more rerating.
Underlying
SYENSQO
Provider
Degroof Petercam
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