CreditSights logo
Forgot Password?


Solvay has 3 major business segments: Advanced Formulations, Advanced Materials, and Performance Chemicals. Advanced Formulations (29% FY17 sales, 23% FY17 Adjusted EBITDA) consists of Novecare, Aroma Performance, and Coatis business units. Advanced Materials (43% FY17 sales, 54% FY17 Adjusted EBITDA) consists of Composite Materials, Specialty Polymers, Silica, and Special Chemicals. Performance Chemicals (27% FY17 sales, 34% FY17 Adjusted EBITDA) consists of Essential Chemicals, Acetow, Eco Services, and Emerging Biochemicals. (21 Sep 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

2018 Euro IG Conference: Basic Industries

Transcript: 11 Dec 2018, 9:03 PM ET - In this article, we transcribe our presentation on European Basics from CreditSights' recent European Investment Grade / Crossover Conference

Solvay 3Q18: Deleveraging & Organic Growth

Earnings Note: 08 Nov 2018, 9:53 PM ET - Strong result as volumes and prices offset raw material headwinds. 

Arkema 3Q18: Higher Prices Offset Cost Pressures

Earnings Note: 06 Nov 2018, 10:09 PM ET - We maintain our Underperform recommendation on Arkema despite a solid quarter as we fail to see an adequate upside to the credit with the company's strategy geared towards acquisitions and elevated capex. 

Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

AKZA 3Q18: Price & Cost Savings Drive Bottom Line

Earnings Note: 17 Oct 2018, 11:42 PM ET - Akzo Nobel reported an increase in its adjusted EBITDA on higher prices and cost savings, and a decline in its revenues on lower volumes and a negative currency impact. 

Solvay 2Q18: FX & Soda Ash Pains

Earnings Note: 01 Aug 2018, 1:51 PM ET - Strong volume growth helped compensate for the still significantly negative foreign exchange impact, while Soda Ash weakness due to capacity additions hurt “Performance Chemical” segment results.

AKZA 2Q18: More Input Costs & FX Pressure

Earnings Note: 19 Jul 2018, 9:47 PM ET - Input cost inflation and unfavourable currency translations continued to pressure margins in 2Q18. With little operating upside in the near-term, we maintain our Underperform recommendation on the credit. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Solvay 4Q17: Metrics Improve, CEO to Leave by FY18

Earnings Note: 13 Mar 2018, 12:01 AM ET - Solvay is guiding for a 5-7% increase in organic EBITDA growth in FY18, which may be partly offset by a €125m headwind from FX. Furthermore, we expect credit metrics to continue to improve following the close of Polyamides sale in 2H18.

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

Solvay 3Q17: Strong Volumes Overcome FX Drag

Earnings Note: 09 Nov 2017, 10:06 PM ET - Strong Volumes across all segments and a boost from oil & gas exploration helped the company achieve solid results, while credit metrics should continue to improve following the recent sale of the polyamides business to BASF.

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>


Refine Results