Report
Syensqo FIRST LOOK: 1Q uEBITDA -20% organically, FY guidance maintained
1Q24 underlying EBITDA declined by 20% organically to € 363m which was 5% above our forecast and 4% above consensus. FY24 guidance of € 1.4-1.55bn uEBITDA was maintained and management suggested to be at ease with the 2Q consensus (uEBITDA +4% sequentially). We still appreciate Syensqo, the specialty-focussed chemicals businesses of the former Solvay group, for its solid market positions, strong balance sheet (1.0x leverage) and solid mid to long term growth potential. Valuation is clearly discounted vs peers and prompt us to reiterate our BUY rating.
Underlying
SYENSQO
Provider
KBC Securities
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Wim Hoste
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