KBC Securities - SYENSQO (SYENS) Syensqo FIRST LOOK: Divesting Oil Gas BU to SNF for an EV of € 135m

Report

KBC Securities

Wim Hoste

Syensqo FIRST LOOK: Divesting Oil & Gas BU to SNF for an EV of € 135m

The announced divestment of the Oil & Gas business unit to SNF was no surprise, as this business had been earmarked previously as non-core and did not fit well with the ESG profile and profitability margins of the remainder of the group. The transaction is fairly small though, with an EV of € 135m. Despite the weak current earnings momentum at Syensqo, we believe that cost efficiency measures and further portfolio streamlining (also Aroma Performance is considered non core) should eventually be positive for the investment case. We continue to believe valuation is attractive and we reiterate our BUY rating and € 90 target price.

31/10/2025 1 EN

Underlying

SYENSQO

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BE0974464977 Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Wim Hoste

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Guy Sips ... (+5)

Guy Sips
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Wim Hoste
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: AALB NA, FLOB BB, RECT BB, DEME BB

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Syensqo FIRST LOOK: Divesting Oil & Gas BU to SNF for an EV of € 135m

We are a financial services provider for several types of professional clients, each with distinct needs.

Syensqo - Acquisition of own shares

Syensqo exercises the first call option to redeem €500 million hybrid Bonds

Syensqo - Acquisition of own shares

Aalberts Divestment announcements as per strategic plan of last December's CMD

Recticel FIRST LOOK: Acquisition of Miclar Group, upgrade to Accumulate

Morning Notes : AALB NA, FLOB BB, RECT BB, DEME BB

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