Solvac Discount currently at ~41.0% vs. 5-year avg. of 23.3%
In this short update, we want to bring to attention the fact that Solvac is currently trading at a discount of ~41.0% compared to our estimated NAVps of €167.5, which is much higher than both the 2yr and 5yr average discounts of 29.0% and 23.3%. Also, after having updated our model for our latest target prices for both Syensqo (€112) and Solvay (€40), we estimate the target equity value per share (TEVps) to be €230.1, implying an even wider discount of 57.0%. We believe that the current high-discount situation will not last long and that an attractive buying opportunity has opened up. After ha...