Solvay : 4Q20 EBITDA 2% beat; expect 2021 consensus +3-5%; carve out soda ash
>4Q20 EBITDA 2% ahead of consensus - Solvay reported slightly better than expected 4Q20 results. Net sales of EUR 2,214m were down 9% yoy but 4% ahead of consensus (Vara). Volume & mix was -3%, while price was down 1%. EBITDA of EUR 464m was down 12% yoy and 2% ahead of consensus. Materials net sales were down 17% yoy at EUR 620m, 2% above consensus. EBITDA of EUR 153m was down 15% yoy and 3% below consensus, as the EBITDA margin was 140bps below consensus at 24.7%. C...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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