Sign in

    Sebastian Bray • Berenberg

    Sebastian Bray's questions to Solvay SA (SLVYY) leadership

    Sebastian Bray's questions to Solvay SA (SLVYY) leadership • Q1 2025

    Question

    Sebastian Bray from Berenberg Bank asked if the U.S. soda ash capacity expansion would be delayed given market weakness and sought confirmation on whether both price and volume were down. He also asked about the pricing, margins, and growth outlook for the autocatalyst business.

    Answer

    CEO Philippe Kehren stated the U.S. expansion investment is not being slowed, but the capacity ramp-up is not expected before 2026. He confirmed the soda ash decline was mostly volume-driven. CFO Alexandre Blum added that the autocatalyst business has been more stable than expected, which helps support pricing as few competitors are investing, though it is expected to decline structurally with the rise of EVs.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to Solvay SA (SLVYY) leadership • Q2 2024

    Question

    Sebastian Bray sought clarification on whether Q3 profitability would be similar to Q2 given volume stabilization, and asked about the status of Chinese soda ash capacity issues and if 2024 is still considered the trough year for pricing.

    Answer

    CEO Philippe Kehren confirmed that Q3 volumes look similar to Q2 based on the current order book, but noted some opportunities captured in Q2 might not repeat. Regarding the soda ash market, he was unsure if the iron contamination issues in China were resolved and did not expect a significant change in China's impact on the global market.

    Ask Fintool Equity Research AI

    Sebastian Bray's questions to Air Products and Chemicals Inc (APD) leadership

    Sebastian Bray's questions to Air Products and Chemicals Inc (APD) leadership • Q4 2024

    Question

    Sebastian Bray asked about the performance of the Middle East & India segment, questioning if the Jazan project had become less profitable. He also posed a philosophical question on how the company will retain its in-housed expertise if it only focuses on two major projects for the time being.

    Answer

    CFO Melissa Schaeffer clarified that the segment's results were impacted by lower merchant demand in the UAE, and that the Jazan JV is performing as expected. Chairman, President and CEO Seifi Ghasemi addressed the expertise question by explaining that the company does not perform all work in-house; it uses external experts for specialized tasks while retaining the core know-how for system integration, which is their key competitive advantage.

    Ask Fintool Equity Research AI