2025-05-15-Jefferies-Syensqo（SYENS）_塞拉尼斯2025年第一季度业绩_8页_162kb

Syensqo 1Q25 Financial Results Summary

• Key Metrics: Adjusted EBITDA of €311 million, +3% vs. Jefferies Estimate (JEFe) and consensus estimates of €301 million. Sales of €1,619 million, -2% vs. JEFe and +2% vs. consensus. FY EBITDA guidance reiterated >€1.4 billion, impacted by FX/tariff uncertainties (€30mn FX headwind).
• Segment Performance:
  • Materials: EBITDA €254m (+4% vs. JEFe, -1% vs. consensus), driven by volume and price factors; organic sales down -5.9%, impacted by Electronics and Automotive, offset by Food & Pharma.
  • Consumer Resources: EBITDA €113m (+4% vs. JEFe, +11% vs. consensus), improved margins, higher volumes in Agro and Consumer, partially offset by Building.
  • Other Segments: New disclosures include Performance & Care (adjusted EBITDA €96m, +120bps margin) and Other Solutions (adjusted EBITDA €17m, +330bps margin), while legacy Consumer Resources (Performance & Care + Other Solutions) shows stronger EBITDA.
• Risks and Outlook: EBITDA outlook unchanged >€1.4b, with capex ~€600mn and FCF ~€400mn; Q2 expected sequential improvement over Q1.
• Valuation: Price target €75 (up 12% from prior day close), 7x EV/EBITDA implied; DCF and SOTP suggest upside, with risks including price volatility and FX/tariff uncertainties.

Ratings and Recommendations:

• Analyst: Chris Counihan et al. certify views; Jefferies rating: HOLD, targeting €75 with moderate share price responsiveness.