Strong 2Q For Solvay on Continued Demand for Automotive Polymers and Recovery in Oil and Gas
We are maintaining no-moat Solvay’s EUR 95 fair value estimate after reviewing second-quarter results. Second-quarter results were strong, with EBITDA increasing 18% over the prior-year period on good volume growth across the segments. However, EBITDA benefited from a EUR 38 million one-time synergy benefit on post-retirement obligations related to the Cytec acquisition. Excluding that, EBITDA was up 11% with a flat margin. Given strong first-half results, Solvay upgraded guidance to high-single...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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