reports
- Frank Claassen
Solvay - Resilience and returns are increasingly recognized
• Despite the share price rally over the past few weeks, we see room for more upside, as we are likely at the brink of a cyclical upturn and its multiples remain undemanding (double digit FCF yield, 8% dividend yield). • We reiterate our Buy and raise our TP by 16% to EUR 36 based on an increased target EV/EBITDA of 6.2x 2025E (was 5.7x) on the back of higher peer group multiples and backed by our DCF.
Solvay releases 2023 annual integrated report
Solvay releases 2023 annual integrated report The first annual report reflecting Solvay’s new scope highlights a year of resilience and sustainable progress Brussels, April 17, 2024 - 6:00 pm CEST - regulated information Solvay today released its annual integrated report, which provides an overview of the company’s economic, environmental, and societal performance for 2023. It details the Group’s financial and extra-financial progress, governance, remuneration and risk management practices. This comprehensive document serves as a reference point for stakeholders to understand the tr...
Solvay publie son rapport annuel intégré 2023
Solvay publie son rapport annuel intégré 2023 Le premier rapport annuel qui illustre le nouveau périmètre de Solvay met en évidence une année marquée par la résilience et le progrès durable Bruxelles, le 17 avril 2024 - 18h00 CEST - information réglementée Solvay publie son rapport annuel intégré, qui présente un bilan des performances économiques, environnementales et sociétales de l'entreprise pour l'année 2023. Il détaille les progrès financiers et extra-financiers du Groupe, ainsi que ses pratiques en matière de gouvernance, de rémunération et de gestion des risques. Ce document ...
- Stijn Demeester
Solvay/Manageable pricing headwinds/BUY
We raise our Underlying EBITDA estimates by 3-4% ahead of Solvay's 1Q24 results. Solvay shares are up 25% since mid-March on the back of a 5% shareholding disclosure and subsequent value call by US investor David Einhorn. We see support for a valuation at 5.5x 2025F EV/EBITDA, implying a target price of €33.5 per share (previously €30 per share) and a dividend yield of c.7%, and reiterate our BUY recommendation.
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2024: Adding TINC
We continue our KBC Securities Dynamic Top Pick List with a 50/50 cyclical/defensive selection, but with a focus on value stocks that have been left behind. Defensive segment like holdings are overweight. However, in the Benelux we have a selection of cyclical industrials at cheap valuations that have often underperformed the market. We favour Benelux value stocks as even a mild recession typically hits growth stocks proportionally harder. We notice that some stocks have been hit hard by minor s...
BEKB BEKAERT SA
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
VAN VAN DE VELDE S.A.
IBAB ION BEAM APPLICATIONS SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
TUB FINANCIERE DE TUBIZE S.A.
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
TINC TINC COMM. VA
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/03/2024
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/28/2024
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a substantia...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/03/2024
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la Chin...
- Stefano Toffano
Solvay : Model update
>Facing near term headwinds (as expected) - Solvay remains in an uncertain environment with the challenging volume environment of Q4 23 feeding into Q1 24. Current demand levels are expected to continue over the next few months, leading to an expectation of H1 24 trading activity at roughly the same level as H2 23. Solvay is seeing some positive signals since the beginning of the year, such as slightly higher volumes given restocking effects, but remains cautious. Als...
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
Solvay réalise avec succès son émission inaugurale d'obligations en de...
Solvay réalise avec succès son émission inaugurale d'obligations en deux tranches pour €1,5 milliard Bruxelles, le 26 mars 2024 - 19h00 CET Solvay a finalisé aujourd'hui avec succès le placement de sa transaction obligataire inaugurale, qui représente une nouvelle étape importante après la scission partielle de ses activités de spécialité en décembre 2023. "Cette transaction clé renforce la structure du capital de Solvay et donne à l'entreprise la stabilité financière nécessaire pour mettre en œuvre sa stratégie dans cette nouvelle phase de son histoire", a déclaré Alex...
Solvay voltooit met succes inaugurele uitgifte van obligaties voor €1,...
Solvay voltooit met succes inaugurele uitgifte van obligaties voor €1,5 miljard in twee tranches Brussel, 26 maart 2024 - 19u00 CET Solvay rondde vandaag met succes de plaatsing af van zijn inaugurele obligatietransactie, wat een nieuwe belangrijke mijlpaal is na de gedeeltelijke splitsing van zijn Specialty Businesses in december 2023. "Deze belangrijke transactie versterkt de kapitaalstructuur van Solvay en geeft de onderneming de financiële stabiliteit om haar strategie uit te voeren in deze nieuwe fase van haar bestaan", zegt Alexandre Blum, CFO van Solvay. "We zijn bijzonder...
Solvay successfully completes its inaugural EUR 1.5 billion dual tranc...
Solvay successfully completes its inaugural EUR 1.5 billion dual tranche bond issuance Brussels, March 26, 2024, 19:00 CET Solvay today successfully completed the placement of its inaugural bond transaction, which represents another important milestone after the partial demerger of its Specialty Businesses in December 2023. “This key transaction strengthens the capital structure of Solvay and gives the company the financial stability to execute its strategy in this new phase of its journey,” said Alexandre Blum, Solvay CFO. “We are particularl...
Solvay SA: 1 director
A director at Solvay SA bought 1,400 shares at 23.310EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
- Michael B. Schäfer
ODDO : Glass half full – Volume recovery started after almost 2 years ...
As Spring approaches, we see industry-wide destocking coming to an end, emerging recovery trends in China gaining momentum and European spot energy cost relief rolling in, all helping to restore plant utilisation and earnings. We add more cyclicality to our preferred names, upgrading BASF to Outperform (Neutral). Momentum being regained in specialties chemicals distribution triggers our upgrade of IMCD to Outperform (Neutral). ‘From record to record’ remains our mantra at FUCHS. ...
1COV COVESTRO AG
AI AIR LIQUIDE SA
WCH WACKER CHEMIE AG
LXS LANXESS AG
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
BAYN BAYER AG
SY1 SYMRISE AG
KWS KWS SAAT SE & CO KGAA
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
INX IMCD N.V.
2HRA H&R GMBH & CO KGAA
AKZA AKZO NOBEL N.V.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
Participation notification by DME Advisors and DME Capital Management
Participation notification by DME Advisors and DME Capital Management Brussels, March 20, 2024, 08:30 CET - Regulated information In line with Belgian transparency legislation (Law of May 2, 2007), DME Advisors and DME Capital Management recently sent to Solvay the following transparency notification indicating that they crossed the threshold of 5%. The notification, dated March 15, 2024, contains the following information: Reason for the notification: acquisition or disposal of voting securities or voting rights Notified by: A parent undertaking or a controlling person Date o...
Notification de participation par DME Advisors and DME Capital Managem...
Notification de participation par DME Advisors and DME Capital Management Bruxelles, le 20 mars 2024 - 08h30 CET - Information réglementée Conformément à la législation et réglementation en matière de transparence financière (loi du 2 mai 2007), DME Advisors and DME Capital Management ont envoyé récemment à Solvay la notification de transparence suivante indiquant qu’ils avaient franchi le seuil de 5%. La notification, datée du 15 mars 2024, contient l’information suivante: Motif de la notification: acquisition ou cession de titres conférant le droit de vote ou de droits de v...
Participatiemelding van DME Advisors and DME Capital Management
Participatiemelding van DME Advisors and DME Capital Management Brussel, 20 maart 2024 - 8u30 CET - Gereglementeerde informatie In overeenstemming met de Belgische transparantiewetgeving (Wet van 2 mei 2007) hebben DME Advisors en DME Capital Management onlangs de volgende transparantiekennisgeving naar Solvay gestuurd om aan te geven dat ze de drempel van 5% hebben overschreden. De kennisgeving, gedateerd 15 maart 2024, bevat de volgende informatie: Reden voor de kennisgeving: verwerving of overdracht van stemrechtverlenende effecten of stemrechten Kennisgegeven door: ...
- Wim Hoste
Solvay Feedback conference call
Below are the highlights from the conference call. FY23 uEBITDA was roughly flat organically at 1246m which represents a minor miss (-0.6%) vs CSS, due to a lower than expected (and often lumpy) Corporate Costs line. FY24 uEBITDA guidance calls for a 10-20% organic decline vs the restated 2023 base, with consensus roughly at the midpoint of the € 925-1040m range (and KBCS close to the high end of the range). After the recent spun off of Syensqo, Solvay is a base chemicals group with leading mark...
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
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