Solid Performance in Q2 for Solvay, Despite Continued Oil and Gas Headwinds
After reviewing Solvay’s second-quarter results, we are maintaining our EUR 85 fair value estimate and no-moat rating. EBITDA increased 8% versus the prior-year period, owing to limited pass-through of lower raw material costs and the benefits from operational excellence programs. In general, trends from the first quarter carried through the second, with all segments reporting positive increases in EBITDA, with the exception of the advanced formulations segment, which remains weighed down by per...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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