Solvay Impressive progress in pricing discipline drives 3Q EBITDA up 53%
Solvay posted a record quarter with underlying EBITDA up 53% to € 917m, even slightly better than the recent positive profit warning of c. € 900m. The recently issued FY underlying EBITDA organic growth guidance of +28% was maintained while FCF guidance was upped from 750m to 1bn. The record 3Q results and upgraded guidance demonstrate in our opinion the impressive pricing discipline progression which Solvay has achieved. We also continue to believe Solvay is undervalued and expect the announced separation to create additional shareholder value. We maintain our Accumulate rating and € 120 target price.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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