Analyse aandeel Solvay

De herschikking van Solvay's bedrijfsactiviteiten reduceert de blootstelling van de onderneming aan cyclische eindmarkten en verkleint zijn afhankelijkheid van de Europese economie. (Engelstalig rapport)

Todd Wenning 06 mei, 2014 | 9:39
Facebook Twitter LinkedIn

INVESTMENT THESIS

Solvay

Through acquisitions, divestitures, and joint ventures, Solvay has reduced its reliance on cyclical end markets and increased its exposure to higher-growth emerging markets. Case in point is Solvay's move in May 2013 to enter into a joint venture with INEOS to create the world's second-largest polyvinyl chloride (PVC) producer. PVC demand plummeted after the housing collapse in 2007 and remains well below pre-crash levels. Compounding the problem has been chronic European overcapacity in PVC production. Taken together, PVC has been a major headwind for Solvay's plastics business in recent years. The joint venture should improve Solvay's plastics profitability over the medium term before INEOS fully buys out Solvay's stake in four to six years. We think this is a graceful way to exit a challenging PVC production business and will allow Solvay to turn its attention to higher-margin and less-cyclical specialty chemical production.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Om dit artikel te kunnen lezen, kunt u zich inschrijven als Morningstar Basic Member

Registreer gratis
Facebook Twitter LinkedIn

Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Solvay SA100,60 EUR0,00Rating

Over de auteur

Todd Wenning

Todd Wenning  is an equities analyst with Morningstar.

© Copyright 2021 Morningstar, Inc. Alle rechten voorbehouden.

Voorwaarden        Privacybeleid