Solvay S.A.

Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).
  • TickerSOLB
  • ISINBE0003470755
  • ExchangeEuronext Brussels
  • SectorChemicals
  • CountryBelgium

Analysts

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 05/10/2019 Date Performance since listing Date Performance since listing

...

Emmanuel Matot

ODDO : Q1 postviews: profit warning from Solvay, Arkema sticking to its course

>No major surprises in Q1 for Arkema and 2019 guidance reiterated by the management - Arkema’s Q1 2019 results highlighted EBITDA close to forecasts at € 370m (ODDO BHF/consensus = € 370/365m), down 3% on a reported basis and down -7% based on equivalent accounting standards. This negative shift in the trend (reminder: EBITDA 2018 = +6%) is due to weak demand (volumes = -2.5% / slowdown in automotive, oil & gas and electronics + high base of comparison in molecular si...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/05/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 10/05/2019 Date Performance depuis l’entrée Date Performance depuis l’entrée

...

Solvay SA - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Solvay SA - December 2016 (LTM) 13 April 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

Emmanuel Matot

ODDO : Q1 postviews: profit warning from Solvay, Arkema sticking to its course

>No major surprises in Q1 for Arkema and 2019 guidance reiterated by the management - Arkema’s Q1 2019 results highlighted EBITDA close to forecasts at € 370m (ODDO BHF/consensus = € 370/365m), down 3% on a reported basis and down -7% based on equivalent accounting standards. This negative shift in the trend (reminder: EBITDA 2018 = +6%) is due to weak demand (volumes = -2.5% / slowdown in automotive, oil & gas and electronics + high base of comparison in molecular si...

Emmanuel Matot

ODDO : Postviews T1 : profit warning de Solvay et cap maintenu pour Arkema

>Pas de surprise majeure au T1 pour Arkema et guidance 2019 réitérée par les dirigeants - Les résultats T1 2019 d’Arkema ont mis en avant un EBITDA proche des attentes à 370 M€ (ODDO BHF/consensus = 370/365 M€), en recul de 3% en donnée publiée et de -7% à norme comptable équivalente. Cette inversion négative de tendance (rappel EBITDA 2018 = +6%) s’explique par une faiblesse de la demande (volumes = -2.5% - ralentissement dans l’automobile, le pétrole/gaz et l’électr...

ING
Stijn Demeester

Solvay/1Q19 postview: Weathering the storm/BUY

Solvay's solid 1Q19 results in a tough context, validate the company's transformation into a specialty chemical, with (1) increased pricing power, (2) higher exposure to secular growth trends and, thus, (3) better resilience to weather the current adverse macro-environment. We reduce our TP to €122, reflecting revised estimates and peer multiples, valuing Solvay at 8.3x 2019F EV/EBITDA, a discount of 12% to the Stoxx 600 Chemicals. We reiterate our BUY as believe the market doesn't reward Solvay's specialty profile at 6.5x 2019F EV/EBITDA, but recognize momentum will remain weak going into a s...

Rob Hales

Morningstar | Solvay’s 1Q in Line but Guidance Downgraded; Shares Fairly Valued

No-moat Solvay's first-quarter EBITDA was up 2.4% over 2018, excluding the IFRS 16 impact, but down 0.6% organically. Results were broadly in line with consensus. However, citing a deteriorating macroeconomic environment in the second quarter, Solvay reduced 2019 guidance to flat-to-modestly-down organic EBITDA growth, from “modest growth” previously. Shares reacted negatively, trading down 6% intraday. We were already forecasting a decline in EBITDA in 2019 so we don’t expect to make a material change to our EUR 100 fair value estimate. At current levels, the shares look fairly valued. EBITD...

Rob Hales

Solvay’s 1Q in Line but Guidance Downgraded; Shares Fairly Valued

No-moat Solvay's first-quarter EBITDA was up 2.4% over 2018, excluding the IFRS 16 impact, but down 0.6% organically. Results were broadly in line with consensus. However, citing a deteriorating macroeconomic environment in the second quarter, Solvay reduced 2019 guidance to flat-to-modestly-down organic EBITDA growth, from “modest growth” previously. Shares reacted negatively, trading down 6% intraday. We were already forecasting a decline in EBITDA in 2019 so we don’t expect to make a material...

3 directors bought

Three Directors at Solvay SA bought 2,450 shares at between 95.440EUR and 96.130EUR. The significance rating of the trade was 60/100. 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 showing Close periods where trading activity is restricted under listing rules. ...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 05/10/2019 Date Performance since listing Date Performance since listing

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/05/2019

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Emmanuel Matot
  • Hela Zarrouk
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 10/05/2019 Date Performance depuis l’entrée Date Performance depuis l’entrée

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2019

If the old stock market adage is to be believed, May traditionally heralds a period of profit-taking. This scenario is underpinned by low volumes, recurring outflows, a certain complacency (VIX and V2X at their lowest level) and, on the basis of a 5% growth in EPS, the inability to create additional potential without a significant reduction in the risk premium. At the same time, the valuation remains reasonable. What to do? 1/ Go long on volatility 2/ Closely monitor emerging markets ...

SOLVAY SA suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of SOLVAY SA (BE), active in the Specialty Chemicals industry. As regards its fundamental valuation, the title loses a star(s) and now shows 2 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date May 7, 2019, the closing price was EUR 96.72 and its target price was estimated at EUR 91.03.

Nurhayati Wan

Solvay SA

Nurhayati Wan

Solvay SA

Nurhayati Wan

Solvay SA

Nurhayati Wan

Solvay SA

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

MarketLine Department

Ashland Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Ashland Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Ashland Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlight...

MarketLine Department

Akzo Nobel N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Akzo Nobel N.V. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Akzo Nobel N.V. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

MarketLine Department

Umicore SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Umicore SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Umicore SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights T...

MarketLine Department

Royal DSM N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Royal DSM N.V. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Royal DSM N.V. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

MarketLine Department

Nordson Corporation - Strategy, SWOT and Corporate Finance Report

Nordson Corporation - Strategy, SWOT and Corporate Finance Report Summary Nordson Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Nordson Corporation (Nordson) is a manufacturer and supplier of differentiated products and systems used to dispense, apply and control adhesives, sealants, polymers, coatings, biomaterials, and other fluids. Its products...

Expert Corporate Governance Service (ECGS)

Solvay - AGM 14 May 2019

This year, the company had an important management change. Indeed, Jean-Pierre Clamadieu resigned from his position as CEO and is replaced by Ilham Kadri. The new CEO will be proposed to the board along with two re-appointments. We regret that the Company continues to grant stock options without performance conditions, even if it is allegedly justified by the fact that the company is Belgian.

Solvay - Assemblée générale des actionnaires du 14 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Solvay – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Proxy Report - 08/05/2018

Jean-Pierre Clamadieu annouced the end of his term as CEO in order to take the lead of Engie. The selection process of  successor is ongoing.  We are encouraged that a Company where the founding family is the controlling shareholder has been able to achieve and maintain an independent board. Regrettably, remuneration discloure is out of step with market practice and the Company fails to use the accural process in its recapitulative compensation table. The total remuneration granted for the 2017 year amounts to €5 million which we believe to be excessive. Finally, we note that the Company con...

Proxy Report - 08/05/2018

Jean-Pierre Clamadieu ayant annoncé son départ pour prendre la présidence du conseil d'Engie, le processus de sélection d'un successeur est en cours, M. Clamadieu assurant temporairement la poursuite de ses fonctions. Proxinvest observe que Solvay continue d'afficher une bonne progression dans ses résultats cette année, ce qui lui permet d'augmenter son dividende, qui passe à 3,60 € par action. Solvay a continué à démontrer qu'une société familiale pouvait disposer d'un conseil d'administration majoritairement independent (56% d'indépendance) avec une séparation des fonctions de Président et ...

Jérôme VINERIER

Short term view - SOLVAY : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €98.38. The background trend would be questioned should prices rise above €119.00.

Jérôme VINERIER

Analyse court terme - SOLVAY : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 98,38 €. La tendance de fond serait remise en cause en cas de franchissement de 119,00 €.

Jérôme VINERIER

Analyse court terme - SOLVAY : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 98,38 €, puis 94,15 €. Le franchissement de 119,00 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - SOLVAY : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €98.38, then €94.15. Passing €119.00 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - SOLVAY : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 90,40 €, puis 74,62 €. Le franchissement de 118,58 € remettrait en cause la suite de la baisse.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch