Solvay Conference call feedback
Below are the highlights from the conference call. Key takeaway for us is the negative impact from phasing out thermal insulation and third party energy supplies activities as well as dissynergies on the 2023 baseline EBITDA for the separated companies, which will require us to lower our forecasts. Despite this, we maintain our BUY rating as we still believe the upcoming separation will be an important catalyst to unlock shareholder value and we consider valuation to be very attractive.Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).
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