Solvay FIRST LOOK: Solid 4Q24, good savings delivery, broad FY25 guidance
Solvay reported better than expected 4Q underlying EBITDA, up 2% organically to 256m, which was 9% better than our forecast and 8% above CSS. Solvay remains prudent on the outlook, guiding for a broad €1.0-1.1bn range, with both KBCS and CSS currently around the midpoint. Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company favours dividends over aggressive growth (c. 8% dividend yield) and operates with a solid balance sheet (1.5x leverage). We maintain our Accumulate rating and € 40 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).
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