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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.

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