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 having applied a 30% discount to our TEVps of €230.1, we reiterate our BUY rating but raise our TP from €155.0 to €160.0, implying an attractive upside of ~62.0%.Solvac is a holding company. Through its subsidiary, Solvay, Co. is active in Chemistry. Co. manufactures and sells chemicals and plastics products. Its operations can be divided into two business segments: Chemicals and Plastics. In the Chemicals Sector, Co.'s produts are divided into four clusters which are the Minerals cluster; the Electrochemistry and Fluorinated Products cluster; the Oxygen cluster; and the Organic cluster. In the Plastics sector, Co.'s products can be divided into 2 different clusters which are Specialties and Vinyls. The Specialties cluster comprises Specialty polymers and Inergy Automotive Systems. The Vinyls cluster comprises Vinyls and Pipelife.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.