Solvay : Discount increasing while growth and returns are higher than expected
>2Q21 EBITDA 6% ahead of consensus - On 29 July, Solvay reported 2Q21 results that were ahead of market expectations. Net sales of € 2,465m were up 13% yoy and 3% ahead of consensus (Vara). Volume & mix was +18%, while price was +1%. EBITDA of € 602m was up 37% yoy and 6% ahead of consensus. This was driven by +45% volume & mix, +7% selling prices, +7% cost savings, and +4% associates, which was partly offset by -18% raw materials, -4% scope, and -3% FX. ...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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