KBC cuts Solvac on structural hurdles despite wide discount

Solvac SA

04/12/2025 09:02

** KBC Securities cuts Belgian holding company Solvac SOAC.BR to "hold" from "buy", saying "structural hurdles outweigh the wide discount"

** It cuts PT by 44% to 90 euros

** While it stays positive on underlying companies Solvay SOLB.BR ("accumulate" rating) and Syensqo SYENS.BR ("buy"), the broker says the investment case for the holding company has worsened

** It points to the lower blended dividend yield after the spin-off, the administrative complexity of registered shares, and persistently weak share-price momentum

** "Historical discount levels therefore appear less relevant", KBC adds

** It chooses to wait and reassess once the discount has stabilised

** Degroof Petercam also rates the stock "hold"

 (Reporting by Olivier Cherfan)

 ((olivier.cherfan@thomsonreuters.com))