SYENSQO: Beat & improving semiconductor trends

研报英文原文证据摘录

SYENSQO: Beat & improving semiconductor trends

Deutsche Bank

Research

Rating Company Date

Buy SYENSQO 15 May 2026

Results

Europe

Belgium

Reuters Bloomberg Exchange Ticker Price at 14 May 2026 (EUR) 58.80

SYENS.BR SYENS BB BRU SYENS

Price Target (EUR) 54.00

Chemicals

52-week range (EUR) 81.58 - 43.15

Specialty Chemicals

Beat & improving semiconductor trends

Valuation & Risks

Tristan Lamotte

Q1 26 EBITDA came in at €251m, down -17% YoY (Q4: -20% YoY) due to softer results

Research Analyst

across all divisions. However, the result was 5% above consensus, driven by a beat +44-20-7547-1862

in both Materials and Performance & Care more than offsetting a small miss in Other

Solutions (albeit on small absolute numbers, €2m miss) and higher-than-expected Virginie Boucher-Ferte

Corporate & Business Services costs (€4m miss).

+33-1-4495-5934

For 2026, management reiterated its underlying EBITDA guidance of approximately Rajiv Dalal

€1.1bn, supported by improving order book trends in Q2 as well as a gradual recovery Research Associate

in volumes led by Composite Materials (aerospace) & Electronics (semiconductors/

fabs). If H1 is similar to H2, that implies quite a substantial improvement in Q2, which Saurabh Mehndiratta

is likely above buyside expectations. Research Associate

Surprisingly, the company sees limited impact from the Middle East conflict, while it Dimitri Druart

did not see significant pre-buying in Q1. Some may have been concerned that net Research Associate

pricing could squeeze temporarily given Syensqo uses a lot of "value pricing". +33-1-4495-5937

Taking a step back, there are 3 key points here (subject to the conference call): (1) Price/price relative

guidance/order momentum is probably better than expected. (2) The company is 150