Syensqo: Unlocking a SotP valuation - Raising our PT to €78

研报英文原文证据摘录

Syensqo: Unlocking a SotP valuation - Raising our PT to €78

27 July 2026

Price Target Change

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

Sebastien AfoySyensqo +44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Outperform Specialist Sales

James Brady

Price Target +44 20 7762 5272

james.brady@bernsteinsg.com

SYENS.BB 78.00 EUR (71.00 OLD)

Even after a +40% rally since the weak 4Q25 print, we still consider Syensqo good value for

Close Date 23 Jul 2026

the quality of the chemistry. The strategic review of Performance & Care (P&C) should enable

SYENS.BB Close Price (EUR) 69.95

more management focus on the higher-potential Materials division, and we note the strategic

Price Target (EUR) 78.00

review has been decided by a CEO who previously ran P&C. The trajectory of the share price

Upside/(Downside) 12%

depends on two key questions: 1) What is the outlook for Materials, and therefore what could

52-Week Range 82.12/41.76

it be worth?; and 2) How much value could Syensqo realise from a sale of P&C? Reflecting

EDME 1,600.33

our overall positive answers to these questions, we now adopt a SotP valuation, leading us to

FYE Dec

increase our price target to €78 and maintain our Outperform rating.

Div Yield 2.3%

1) What is the outlook for Materials, and therefore what could it be worth? Composite Market Cap (EUR) (M) 7,328

Materials (34% of Materials sales) has delivered strong growth since the spin-off, and we EV (EUR) (M) 9,381

remain confident in its outlook. However, Specialty Polymers has been a significant drag on Performance YTD 1M 6M 12M

performance, and needs to grow to build credibility. We see cyclical tailwinds supporting a Absolute (%) 3.5 8.8 (2.2) 0.1