Solid Organic Growth Offset By Currency Headwinds in 1Q for Solvay; Shares Overvalued
No-moat Solvay reported solid results in the first quarter on an organic, underlying basis with EBITDA growth of 9% over 2017. This is ahead of full-year guidance for organic underlying EBITDA growth of 5%-7%. However, currency headwinds were fierce in the quarter, particularly the depreciating U.S. dollar, leading to underlying EBITDA declining 3% over 2017. Solvay announced a restructuring plan to simplify its organization in line with its new business portfolio. The plan is expected to delive...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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