Solvay FIRST LOOK: 2Q underlying EBITDA -3% organically, FY guidance kept
2Q23 underlying EBITDA declined by 3% organically to 790m which was c. 3% better than consensus and 4% above our forecast, demonstrating again solid pricing power in a weak macro context with declining volumes. FY guidance of an organic underlying EBITDA change of -5% to +2% was maintained .Despite the tough short term momentum, we maintain our BUY rating and € 155 target price as we still believe the upcoming separation will be an important catalyst to unlock shareholder value and we consider valuation to be very attractive at current multiples.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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