Solvay Model update following 3Q results
We updated our earnings model after Solvay reported slightly better than expected 3Q23 underlying EBITDA whilst lowering the FY23 guidance to the lower end of a € 2.9-3.1bn range. Changes for FY23 are limited whilst we did lower our FY24/5 forecasts by c. 3% on the announced phasing out impact of the thermal insulation and third party energy supplies businesses of € 90-100m. Ilham Kadri will lead Syensqo while Philippe Kehren will lead the future Solvay. We maintain our BUY rating and €155 TP as we still believe the upcoming separation will be an important catalyst to unlock shareholder value and we consider valuation to be very attractive.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.