Solvay's 3Q in Line, but Cracks Are Showing in Outlook; Shares Fairly Valued
No-moat Solvay reported third-quarter EBITDA of EUR 574 million, up 4% over 2017 and in line with consensus but slightly better than our expectations. Guidance was confirmed. Year to date, EBITDA grew 6% organically, which is in line with Solvay’s 2018 outlook for 5%-6% growth. However, the pace slowed in the third quarter. Third-quarter volume growth was 3% compared with 5% in the first half. Further slowing looks likely. Demand for oil and gas applications in Novecare stabilized in the third q...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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