Solvay FIRST LOOK: Capital structures of EssentialCo/SpecialtyCo revealed
Solvay announced some details on the capital structures and financial policies of both SpecialtyCo and EssentialCo, with debt and future dividends slightly skewed towards EssentialCo which is no surprise. SpecialtyCo will start with a proforma 2022 net debt/EBITDA of 0.8x whilst EssentialCo will start with a net debt/EBITDA of c. 1.5. We continue to believe the upcoming separation, planned for December, will be an important catalyst to unlock shareholder value. Based on the significant upside revealed by our SOTP model, we maintain our BUY rating and € 155 TP.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).
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.