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

Rob Hales

Morningstar | Solvay Company Report

Belgium-based Solvay has largely completed its transformation to a specialty chemicals company, although there are still some commodity chemicals where the company has a leading market position, notably soda ash and peroxides. However, we still don't see a moat, given that high capital intensity continues to weigh on ROIC, leaving us with limited confidence in the company's ability to generate sustained returns above the cost of capital. A EUR 150 million cost-cutting plan was announced in 2018 to adjust the company's cost base to its new, leaner business portfolio. Successful execution of sai...

Rob Hales

Solvay Company Report

No-moat Solvay reported fourth-quarter results that were in line with consensus but slightly ahead of our expectations due to strong performance in advanced materials. Fourth-quarter EBITDA increased 2.5% over 2017 while full-year EBITDA growth was flat. However, 2018 guidance was based on organic growth. On this measure, 2018 EBITDA growth was 5.3%, in line with guidance of 5%-7%. Guidance for 2019 is relatively vague compared with last year. This is probably the reason behind the roughly 5% de...

ING
Research Department

Benelux Morning Notes

AMG and Solvay: Boeing temporarily cuts 737 output by 19%. Euronext: A welcome positive recommendation by the Norwegian FSA. Staffing sector: US March Temp data touch softer in trend; US job creation bounces back

ING
Research Department

Benelux Morning Notes

Randstad: pre-earnings analyst call; trends soften slightly. Solvay: Repays €700m in hybrid debt. Vopak: First (but immaterial) disposal a fact

Guy Sips ...
  • Jan Opdecam
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ASIT BB, CPINV BB, FFARM NA, QRF BB, SOLB BB

ASIT biotech: FY18 update with clinical strategy CP Invest: Contribution in kind of € 16m ForFarmers: Model update as 1H19 will show a strong decline Qrf: Mr. Tom Schockaert appointed as new CFO Solvay: Recalls € 700m hybrid bond

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

Rob Hales

Morningstar | Solvay Company Report

Belgium-based Solvay has largely completed its transformation to a specialty chemicals company, although there are still some commodity chemicals where the company has a leading market position, notably soda ash and peroxides. However, we still don't see a moat, given that high capital intensity continues to weigh on ROIC, leaving us with limited confidence in the company's ability to generate sustained returns above the cost of capital. A EUR 150 million cost-cutting plan was announced in 2018 to adjust the company's cost base to its new, leaner business portfolio. Successful execution of sai...

Rob Hales

Solvay Company Report

No-moat Solvay reported fourth-quarter results that were in line with consensus but slightly ahead of our expectations due to strong performance in advanced materials. Fourth-quarter EBITDA increased 2.5% over 2017 while full-year EBITDA growth was flat. However, 2018 guidance was based on organic growth. On this measure, 2018 EBITDA growth was 5.3%, in line with guidance of 5%-7%. Guidance for 2019 is relatively vague compared with last year. This is probably the reason behind the roughly 5% de...

ING
Research Department

Benelux Morning Notes

AMG and Solvay: Boeing temporarily cuts 737 output by 19%. Euronext: A welcome positive recommendation by the Norwegian FSA. Staffing sector: US March Temp data touch softer in trend; US job creation bounces back

ING
Research Department

Benelux Morning Notes

Randstad: pre-earnings analyst call; trends soften slightly. Solvay: Repays €700m in hybrid debt. Vopak: First (but immaterial) disposal a fact

Guy Sips ...
  • Jan Opdecam
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ASIT BB, CPINV BB, FFARM NA, QRF BB, SOLB BB

ASIT biotech: FY18 update with clinical strategy CP Invest: Contribution in kind of € 16m ForFarmers: Model update as 1H19 will show a strong decline Qrf: Mr. Tom Schockaert appointed as new CFO Solvay: Recalls € 700m hybrid bond

1 director bought

A director at Solvay SA bought 1,010 shares at 102.000EUR and 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. The names of board me...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/27/2019

This is the thirteenth update of our report on Corporate Governance large caps Europe. We have analysed 125 of the European companies covered by ODDO BHF analysts. In the Strong opportunities (1), we favour five stocks: Unibail Rodamco (Buy, target price € 190.0), AXA (Buy, target price € 28.0), Veolia (Buy, target price € 30.0), Danone (Buy, target price € 81.0) and Michelin (Buy, target price € 130.0). - Cf. report published today. - ...

Alain William ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Louis Boujard
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/02/2019

13ème mise à jour de notre étude Corporate Governance Large caps Europe. Nous avons étudié 125 valeurs, toutes suivies par les analystes d’Oddo BHF. Nous privilégions 5 valeurs dans les opportunités fortes : Unibail Rodamco (Achat, OC 190.0 €), AXA (Achat, OC 28.0 €), Veolia (Achat, 30.0 €), Danone (Achat, 81.0 €) et Michelin (Achat, 130.0 €). Cf. étude publiée ce matin. - ...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/12/2018

...

Emmanuel Matot ...
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 11/12/2018

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Léopold Authié
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/11/2018

...

SOLVAY SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SOLVAY SA (BE), a company active in the Specialty Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 18, 2019, the closing price was EUR 95.76 and its potential was estimated at EUR 102.23.

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...

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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...

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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...

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.

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