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    SOLB   BE0003470755

SOLVAY SA

(SOLB)
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Solvay : Consensus of Analysts' Estimates > pre-Q3 2021

10/14/2021 | 12:12pm EST

Consensus of Analysts' Estimates > pre-Q3 2021

Poll date

Participants

Median TP

13/10/21

11

125.00

BUY

HOLD

SELL

73%

18%

9%

The consensus is the medianof analyst estimates which are compiled and calculated by Vara Research. It is based on the

projections made by analysts covering Solvay. Any opinions, estimates or forecasts regarding Solvay's performance made

by these analysts and therefore also the consensus figures are theirs alone and do not represent opinions or forecasts of

Solvay or its Management. By making this consensus information of its results available on a quarterly basis, Solvay does

not mean or otherwise imply to endorse such information.

2021 actuals

Estimates

KPI expressed € million except stated DPS (€), ROCE and FCF Conversion (%)

Q1 2021

Q2 2021

Q3 2021

Q4 2021

FY 2021

FY 2022

FY 2023

FY 2024

Net sales (1)

2,373

2,456

2,409

2,341

9,566

10,062

10,607

10,937

MATERIALS

689

711

697

688

2,787

3,038

3,265

CHEMICALS

791

820

805

797

3,196

3,334

3,445

SOLUTIONS

891

925

906

870

3,559

3,661

3,747

Corporate and Business Services, sales

3

1

1

1

6

6

6

6

(2)

EBITDA (1)

583

602

570

518

2,274

2,412

2,553

2,631

MATERIALS

206

220

210

193

825

906

975

1,045

CHEMICALS

240

249

237

211

932

951

966

1,010

SOLUTIONS

173

171

163

147

653

681

708

739

Corporate and Business Services, EBITDA

-36

-38

-37

-36

-148

-150

-158

-170

Depreciation & amortization (excluding PPA (3) )

-201

-179

-191

-197

-773

-778

-786

-855

EBIT (excluding non-recurring elements & M&A effects)

382

424

377

319

1,495

1,613

1,718

1,800

Net financial charges (including coupons of perpetual hybrid bonds )

-63

-54

-60

-59

-234

-226

-225

-223

Income taxes

-70

-83

-81

-73

-316

-355

-382

-418

Profit from discontinued operations

1

0

0

0

0

0

0

0

Profit attributable to non-controlling interests

-9

-10

-10

-10

-40

-40

-39

-42

Profit attributable to Solvay shareholders

240

276

234

177

903

965

1,045

1,110

IFRS

EBIT, IFRS

169

333

317

268

1,116

1,337

1,488

1,581

Profit attributable to Solvay shareholders, IFRS

104

222

211

143

673

880

984

1,095

Indicators

Gross DPS (€) (4)

-

-

-

-

3.86

3.99

4.08

4.19

Capex (continuing operations)

-100

-141

-750

-779

-826

-868

Free cash flow to Solvay shareholders (continuing operations)

282

135

729

796

868

923

Free cash flow to Solvay shareholders (total) (5)

282

123

722

778

847

Other

Underlying net debt (including perpetual hybrid bonds)

4,157

4,221

-

-

3,759

3,321

3,147

2,771

ROCE (7)

-

-

-

-

FCF conversion (8)

-

-

-

-

Items contributed by less than 5 analysts not taken into account

(1) Segmentation since 1 Jan, 2020: Materials: Specialty Polymers, Composite Materials; Chemicals: Soda Ash, Peroxides and Silica, and its Coatis and Rusvinyl; Solutions: Novecare, Technology Solutions, Aroma and Special Chem

(2) For full disclosure and definition of Underlying alternative metrics on a proforma basis, please refer to appropriate press releases issued by Solvay on Feb 25 and March 17, 2016.

(3) Purchase Price Allocation.

(4) 2020 Dividend Per Share pending for approval at the General Shareholder meeting

(5) Cash flow from continuing operations (including dividends from associates and joint ventures) + cash flow from investing activities (excluding acquisitions and sales of subsidiaries and

other investments) and excluding loans to associates

and non-consolidated companies).

(6) Unaudited 2018 pro forma financial information concerning the adoption of IFRS 16 "Leases". The Group adopted IFRS 16, using a modified retrospective approach, as of January 1, 2019, i.e. without restating prior reporting periods presented. The pro forma information presents the impact on the Group's financial reporting as if the adoption of IFRS 16 had taken place on January 1, 2018. This pro forma financial information only pertains to leases that were classified as operating leases in accordance with IAS 17.

(7) ROCE: Return on Capital employed, calculated as the ratio between underlying EBIT (before adjustment for the amortization of PPA) and capital employed. Capital employed consists of net working capital, tangible and intangible assets, goodwill, rights-of-use assets, investments in associates & joint ventures and other investments, and is taken as the average of the situation at the end of the last 4 quarters.

(8) FCF Conversion is calculated as the ratio between the free cash flow to Solvay shareholders (before netting of dividends paid to non-controlling interest) and underlying EBITDA.

Disclaimer

Solvay SA published this content on 13 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 16:11:02 UTC.


© Publicnow 2021
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Sales 2021 9 786 M 11 031 M 11 031 M
Net income 2021 739 M 833 M 833 M
Net Debt 2021 3 194 M 3 600 M 3 600 M
P/E ratio 2021 14,0x
Yield 2021 3,69%
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EV / Sales 2021 1,42x
EV / Sales 2022 1,31x
Nbr of Employees 23 000
Free-Float 66,7%
Chart SOLVAY SA
Duration : Period :
Solvay SA Technical Analysis Chart | SOLB | BE0003470755 | MarketScreener
Technical analysis trends SOLVAY SA
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 103,85 €
Average target price 124,43 €
Spread / Average Target 19,8%
EPS Revisions
Managers and Directors
Ilham Kadri CEO & Non-Independent Director
Karim Hajjar Chief Financial Officer
Nicolas Jacques Boël Chairman
Philippe Warny Head-Research, Development & Technology
Hervé François André Coppens d'Eeckenbrugge Independent Director
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