Wacker Chemie AG : At sweet spot of solar re-shoring. Cost relief visible at spot prices already, supporting P&L in H2. Trades at 14% discount to peers. Outperform
>Q1 2023 - still suffering from higher raw materials costs, trending down thereafter, destocking headwinds eased throughout Q1 - Entering 2023, Wacker Chemie still suffers from higher raw materials and energy costs locked in throughout 2022 with customer destocking continuing in Q1. There is some silver lining on both, though, with management indicating that destocking was most significant in December, gradually improving throughout Q1 2023. On silicones, management l...Wacker Chemie is active in chemical products. Co. operates in five divisions: Wacker Silicones, which provides products ranging from silicone fluids and emulsions, resins, elastomers and sealants, to silanes and pyrogenic silica grades; Wacker Polymers, which manufactures binders and polymeric additives (such as dispersible polymer powders and dispersions); Wacker Biosolutions, which supplies customized biotech and catalog products for the fine-chemical sector; Wacker Polysilicon, which produces hyperpure polysilicon for the semiconductor, electronics and above all, solar sectors; and Siltronic, which supplies semiconductor manufacturers with silicon wafers.
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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