reports
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Wim Hoste
Solvay Model update post 1Q, reconfirming our BUY rating
We upped our FY24 adjusted EBITDA forecast by 2% following the better than expected 1Q24 results. After the recent spun off of Syensqo, Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company will be managed with a conservative financial approach, favouring dividends over aggressive growth and operating with a solid balance sheet (1.4x leverage). The stable to growing dividend flow implies a solid 7% dividend yield. Other ...
- Wim Hoste
Solvay Conference call feedback
Below are the highlights from the conference call. 1Q underlying EBITDA dropped by 13.6% organically to 265m which was 13% better than our forecast and 12% above CSS. Solvay reiterated its FY uEBITDA guidance which calls for a 10-20% organic decline vs the restated 2023 base. After the recent spun off of Syensqo, Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company will be managed with a conservative financial approach...
- Martin Marandon-Carlhian
- Stephane Houri
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
SCR SCOR SE
ZAL ZALANDO SE
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
COLO B COLOPLAST A/S CLASS B
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
UN0 UNIPER SE
- Martin Marandon-Carlhian
- Stephane Houri
INFINEON INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG & CO. KGAA
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
SCR SCOR SE
ZAL ZALANDO SE
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
SOLB SOLVAY SA
COLO B COLOPLAST A/S CLASS B
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
UN0 UNIPER SE
- ING Helpdesk
- Hilde Van Boxstael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Stefano Toffano
Solvay : A solid quarter despite the large net pricing headwinds
>Pressure on underlying EBITDA less than expected - A good first set of results for the new Solvay, with Q1 24 group revenues of € 1,201m (+6% vs ccs) reflecting -11.9% yoy organic growth mainly as a consequence of lower prices (-14.5% yoy), partially offset by higher volumes (+2.5% yoy). Q1 24 underlying EBITDA came in much stronger than expected at € 265m (-27.2% yoy, -13.6% organically given the exit from the thermal insulation and energy third parties operations) ...
- Wim Hoste
Solvay FIRST LOOK: 1Q underlying EBITDA beat, FY guidance maintained
1Q underlying EBITDA dropped by 13.6% organically to 265m which was 13% better than our forecast and 12% above CSS. Solvay reiterated its FY uEBITDA guidance which calls for a 10-20% organic decline vs the restated 2023 base. After the recent spun off of Syensqo, Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company will be managed with a conservative financial approach, favouring dividends over aggressive growth and op...
Solvay first quarter 2024 results
Solvay first quarter 2024 results Strong FCF supported by resilient EBITDA and discipline on costs and capex Brussels, May 7, 2024 – 7:00 am CEST - regulated information Highlights Net sales for Q1 2024 at €1,201 million were down -11.9% organically versus Q1 2023, with positive volume impact, for the first time in seven quarters, in both Basic and Performance Chemicals segments. Prices decreased, mostly reflecting the lower energy and raw material costs.Underlying EBITDA of €265 million for the first quarter was -13.6% lower organically compared to a high Q1 2023, with negative Net ...
Résultats du premier trimestre 2024
Résultats du premier trimestre 2024 Information réglementée Un FCF solide soutenu par un EBITDA résilient et la gestion maîtrisée des coûts et des investissements Bruxelles, le 7 mai 2024 à 7h00 CEST - information réglementée Faits marquants Le chiffre d'affaires net du T1 2024 s’élève à €1 201 millions, en baisse organique de -11,9% par rapport au T1 2023, avec un impact positif des volumes pour la première fois en sept trimestres, visible à la fois dans les segments Basic Chemicals et Performance Chemicals. Les prix diminuent, reflétant principalement la baisse des coûts de l'énergie...
Resultaten Solvay van het eerste kwartaal 2024
Resultaten Solvay van het eerste kwartaal 2024 Gereglementeerde informatie Sterke vrije kasstroom ondersteund door veerkrachtige EBITDA en beheersing van kosten en investeringen Brussel, 7 mei 2024, om 7u00 CEST - gereglementeerde informatie Hoogtepunten De netto-omzet voor Kw1 2024 van €1 201 miljoen daalde op organische basis met -11,9% ten opzichte van Kw1 2023, met een positieve volume-impact, voor het eerst in zeven kwartalen, in zowel de segmenten Basic Chemicals als Performance Chemicals. De prijzen daalden, vooral door lagere energie- en grondstofkosten.De onderliggende EBITDA...
- Frank Claassen
Solvay - Resilience and return of volume growth
• Q1-24 EBITDA was more than 10% above our and consensus estimates, supported by the return of positive volume growth. • This confirms our view that Solvay is resilient, also due to its strong cost and capex discipline.• Valuation multiples remain very attractive for a 20% ROCE business. We stick our Buy and TP of EUR 36, based on our 2025E SOTP.
- 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 May 2024 : Adding Fugro, Removing Arcadis
In this May edition of our Dynamic Top Pick List we replace Arcadis by Fugro. Arcadis continues to deliver consistently on its promises and is working hard to realise its 2026 margin targets via cross selling, leveraging its global engineering platform and numerous self-help measures. In spite of this we remove Arcadis from our Dynamic Top Pick List as the recent & strong share price performance leaves little room for further short term triggers As a service provider to the energy industry, Fu...
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
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
SYENS SYENSQO
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Wim Hoste
- Joren Van Aken
TINC - New investment: Water-as-a-Service (WaaS)
• TINC will invest EUR 8m for a 33.33% stake in Azulatis, which is a spin-off of De Watergroep. We believe this is an interesting investment with a profile that fits in the infrastructure portfolio of TINC• We estimate today's NAV to be EUR 13.82, implying a discount of 11.4%.• Since our upgrade to Buy, the stock rallied 11.3%, mainly thanks to a discount narrowing from 19.1% in March to 11.4% today. We deem today's discount to be more appropriate for TINC's portfolio and as the u...
Participation notification by UBS Group AG
Participation notification by UBS Group AG Brussels, April 29, 2024, 08:30 CEST - Regulated information In line with Belgian transparency legislation (Law of May 2, 2007), UBS Group AG recently sent to Solvay the following transparency notification indicating that they crossed the threshold of 5%. The notification, dated April 23, 2024, contains the following information: Reason for the notification: acquisition or disposal of financial instruments that are treated as voting securities. Notified by: A parent undertaking or a controlling person Date on which the threshold is ...
Notification de participation par UBS Group AG
Notification de participation par UBS Group AG Bruxelles, le 29 avril 2024 - 08h30 CET - Information régulée Conformément à la législation et réglementation en matière de transparence financière (loi du 2 mai 2007), UBS Group AG a envoyé récemment à Solvay la notification de transparence suivante indiquant avoir franchi le seuil de 5%. La notification, datée du 23 avril 2024, contient l’information suivante: Motif de la notification: acquisition ou cession d’instruments financiers conférant le droit de vote. Notification par: une entreprise-mère ou une personne détenant l...
Participatiemelding van UBS Group AG
Participatiemelding van UBS Group AG Brussel, 29 april 2024 - 8u30 CET - Gereglementeerde informatie In overeenstemming met de Belgische transparantiewetgeving (Wet van 2 mei 2007) heeft UBS Group AG onlangs de volgende transparantiekennisgeving naar Solvay gestuurd om aan te geven dat ze de drempel van 5% heeft overschreden. De kennisgeving, gedateerd 23 april 2024, bevat de volgende informatie: Reden voor de kennisgeving: verwerving of overdracht van stemrechtverlenende effecten Kennisgeving door: een moederonderneming of een controlerende persoon Datum waarop de drempel ...
Solvay publishes notice of 2024 Annual General Meeting
Solvay publishes notice of 2024 Annual General Meeting Brussels, April 26, 2024, 8:00am CEST - regulated information Solvay today published materials for its next Ordinary General Shareholders’ Meeting, which will be held on Tuesday May 28, 2024 at the Event Lounge Conference Center, Boulevard Général Wahis 16/F, 1030 Brussels, at 10.30 am CEST. All documents relating to this meeting are now available on . Shareholders will be asked to vote on a number of , among others: the approval of the financial statements for the financial year 2023; the approval of a total gross di...
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