Syensqo (SYENS.BR): Updating estimates ahead of 2Q26

研报英文原文证据摘录

Syensqo (SYENS.BR): Updating estimates ahead of 2Q26

Goldman Sachs Syensqo (SYENS.BR)

Valuation & Risks

Valuation

We are Sell-rated on Syensqo, with a 12-month price target of €59 (unchanged). We

value Syensqo using 9.8x (unchanged) 2026/27E EV/DACF. We derive our multiple by

applying a factor of 1.12x (unchanged) to the historical EV/DACF multiple of 8.7x. The

factor is above 1 as CROCI is higher vs. history.

Risks

Upside risks to our view and price target include:

n A faster-than-expected recovery in the Specialty Polymers division, with a sharper

rebound in semiconductor volumes and resolution of customer-specific headwinds

in consumer electronics driving profitability ahead of our cautious assumptions.

n Stronger-than-anticipated commercial aerospace delivery ramp, with Boeing,

Airbus, and COMAC accelerating production and resolving supply chain and

engine-related bottlenecks, supporting Composite Materials volumes ahead of our

forecasts.

n Faster-than-expected delivery on margin recovery, with management executing cost

savings and operational efficiencies more aggressively than guidance implies, driving

margin expansion through 2H26 and into 2027 ahead of our forecasts.

n An improvement in the broader macroeconomic backdrop, with easing inflationary

pressures supporting a recovery in production volumes across the automotive,

construction, and consumer electronics end-markets that underpin a large share of

the portfolio.

n More aggressive portfolio rationalisation around the core Polymers and Composites

businesses, with incremental news on disposals or restructuring crystallising SOTP

value and driving a re-rating ahead of our cautious thesis.

SYENS.BR 12m Price Target: €59.00 Price: €64.55 Downside: 8.6%

Sell GS Forecast

12/25 12/26E 12/27E 12/28E