MNI BRIEF: US Treasuries Seen Increasingly Risky-JH Paper

MNI: FED’S POWELL: TIME HAS COME FOR POLICY TO ADJUST

MNI China Daily Summary: Friday, Aug 23

MNI: PBOC Net Injects CNY241.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Fri; +2.17% Y/Y

CHINA PBOC CONDUCTS CNY379.3 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: US JUL NEW HOME SALES +10.6% TO 0.739M SAAR

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

MNI: CANADIAN JUN RETAIL SALES -0.3%; SALES EX-AUTOS/PARTS +0.3%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Solvay (BBB-): Notes from the Deal Roadshow

BASIC INDUSTRIES

Although mainly a commodity chemicals producer, Solvay is well diversified in both products and customers and is a market leader in most of its business lines, which helps smooth the cyclicality somewhat.


• Adj. leverage at 1.9x at FY23.

• Cash flow is prioritised for essential capex, stable to growing dividends, value creation in that order. Value creation includes investments, deleveraging, and shareholder return. So essentially a flexible approach to capital allocation. Deleveraging does not seem like a priority.

• M&A is not a priority.

• Targeting 300mm cost reductions by 2028 (25% of current EBITDA).

• At FY23 results SOLBBB gave a forecast of -10 to -20% organic underlying EBITDA growth.

• Consensus expects positive FCF for 2024 and 2025.

BulletCredit BulletsCreditHomepage
BulletCredit BulletsCreditHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.