Solvay : Consensus of Analysts' Estimates > pre-Q3 2021

	Consensus of Analysts' Estimates > pre-Q3 2021
					Poll date		Participants	Median TP
					13/10/21		11	125.00
					BUY		HOLD	SELL
					73%		18%	9%
	The consensus is the medianof analyst estimates which are compiled and calculated by Vara Research. It is based on the
	projections made by analysts covering Solvay. Any opinions, estimates or forecasts regarding Solvay's performance made
	by these analysts and therefore also the consensus figures are theirs alone and do not represent opinions or forecasts of
	Solvay or its Management. By making this consensus information of its results available on a quarterly basis, Solvay does
	not mean or otherwise imply to endorse such information.	2021 actuals				Estimates
	KPI expressed € million except stated DPS (€), ROCE and FCF Conversion (%)	Q1 2021	Q2 2021	Q3 2021	Q4 2021		FY 2021	FY 2022	FY 2023	FY 2024

	Net sales (1)	2,373	2,456	2,409	2,341	9,566	10,062	10,607		10,937
	MATERIALS	689	711	697	688	2,787	3,038	3,265
	CHEMICALS	791	820	805	797	3,196	3,334	3,445
	SOLUTIONS	891	925	906	870	3,559	3,661	3,747
	Corporate and Business Services, sales	3	1	1	1	6	6	6		6
(2)	EBITDA (1)	583	602	570	518	2,274	2,412	2,553		2,631
MATERIALS	206	220	210	193	825	906	975		1,045
	CHEMICALS	240	249	237	211	932	951	966		1,010
	SOLUTIONS	173	171	163	147	653	681	708		739
	Corporate and Business Services, EBITDA	-36	-38	-37	-36	-148	-150	-158		-170
	Depreciation & amortization (excluding PPA (3) )	-201	-179	-191	-197	-773	-778	-786		-855
	EBIT (excluding non-recurring elements & M&A effects)	382	424	377	319	1,495	1,613	1,718		1,800
	Net financial charges (including coupons of perpetual hybrid bonds )	-63	-54	-60	-59	-234	-226	-225		-223
	Income taxes	-70	-83	-81	-73	-316	-355	-382		-418
	Profit from discontinued operations	1	0	0	0	0	0	0		0
	Profit attributable to non-controlling interests	-9	-10	-10	-10	-40	-40	-39		-42
	Profit attributable to Solvay shareholders	240	276	234	177	903	965	1,045		1,110
IFRS	EBIT, IFRS	169	333	317	268	1,116	1,337	1,488		1,581
Profit attributable to Solvay shareholders, IFRS	104	222	211	143	673	880	984		1,095
Indicators	Gross DPS (€) (4)	-	-	-	-	3.86	3.99	4.08		4.19
Capex (continuing operations)	-100	-141			-750	-779	-826		-868
Free cash flow to Solvay shareholders (continuing operations)	282	135			729	796	868		923
Free cash flow to Solvay shareholders (total) (5)	282	123			722	778	847
Other	Underlying net debt (including perpetual hybrid bonds)	4,157	4,221	-	-	3,759	3,321	3,147		2,771
ROCE (7)	-	-	-	-
FCF conversion (8)	-	-	-	-
					Items contributed by less than 5 analysts not taken into account
(1) Segmentation since 1 Jan, 2020: Materials: Specialty Polymers, Composite Materials; Chemicals: Soda Ash, Peroxides and Silica, and its Coatis and Rusvinyl; Solutions: Novecare, Technology Solutions, Aroma and Special Chem
(2) For full disclosure and definition of Underlying alternative metrics on a proforma basis, please refer to appropriate press releases issued by Solvay on Feb 25 and March 17, 2016.
(3) Purchase Price Allocation.
(4) 2020 Dividend Per Share pending for approval at the General Shareholder meeting
(5) Cash flow from continuing operations (including dividends from associates and joint ventures) + cash flow from investing activities (excluding acquisitions and sales of subsidiaries and	other investments) and excluding loans to associates
and non-consolidated companies).

(6) Unaudited 2018 pro forma financial information concerning the adoption of IFRS 16 "Leases". The Group adopted IFRS 16, using a modified retrospective approach, as of January 1, 2019, i.e. without restating prior reporting periods presented. The pro forma information presents the impact on the Group's financial reporting as if the adoption of IFRS 16 had taken place on January 1, 2018. This pro forma financial information only pertains to leases that were classified as operating leases in accordance with IAS 17.

(7) ROCE: Return on Capital employed, calculated as the ratio between underlying EBIT (before adjustment for the amortization of PPA) and capital employed. Capital employed consists of net working capital, tangible and intangible assets, goodwill, rights-of-use assets, investments in associates & joint ventures and other investments, and is taken as the average of the situation at the end of the last 4 quarters.

(8) FCF Conversion is calculated as the ratio between the free cash flow to Solvay shareholders (before netting of dividends paid to non-controlling interest) and underlying EBITDA.