Solvay FIRST LOOK: 4Q EBITDA 5% & FY23 guidance 12% above consensus
4Q EBITDA jumped by 19% organically and was c. 1% better than our forecast and 5% above consensus. FY23 guidance of 3-9% lower EBITDA at constant scope and FX is at midpoint 3% above our forecast and 12% above CSS and a testimony to the much improved pricing discipline. The announced separation of the group is scheduled for December and should help to unlock shareholder value. Accumulate maintained, TP upped from € 130 TP to 135.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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