olivLaw · European equity research
Solvay SOLB.BR
Belgium · Euronext Brussels · ISIN BE0003470755 · Vertical: Listed companies from Belgium
At the close of 05 Nov 2026, Solvay (SOLB.BR) stock was 24.54 EUR (+1.15% on the day), with market capitalisation 2.7 bn EUR, P/E 11.7 on diluted EPS of 2.10 EUR over the last 12 months, dividend yield 9.64%, beta 0.57, 52-week range 23.24–28.86 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.1
- neutral
- Bollinger (20, 2)
- 22.95 – 25.42
- in the upper half of the band · %B 0.64 · band width 10.2%
- SMA 50 / 200
- 24.92 / 26.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.3% | −0.6% | −0.6 pp | — |
| 3 months | −8.2% | −4.2% | −4.0 pp | — |
| 6 months | −8.2% | +4.3% | −12.6 pp | — |
| Year to date | −9.6% | +7.5% | −17.2 pp | — |
| 1 year | −5.5% | +9.9% | −15.4 pp | +6.3% |
| 3 years | +25.6% | +49.8% | −24.2 pp | −6.5% |
| 5 years | +17.8% | +42.8% | −25.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 1.4, median 8.1, max 14.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 6.0 bn | 5.1 bn |
| Revenue YoY | unavailable | −14.8% |
| Net income | 2.1 bn | 233.0 m |
| Net income YoY | unavailable | −88.9% |
| Diluted EPS | 19.85 | 2.10 |
| Diluted EPS YoY | unavailable | −89.4% |
| net % | 34.9% | 4.5% |
| Free cash flow | 944.0 m | 343.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 539.0 m EUR
- Financial debt
- 2.0 bn EUR
- Net debt
- 1.4 bn EUR
- Equity
- 1.4 bn EUR
- Total assets
- 6.7 bn EUR
- Debt / equity
- 1.41x
- Current ratio
- 1.30x
- ROE
- 17.2%
- ROA
- 3.4%
- FCF margin
- 6.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 6.0 bn | 5.1 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 4.6 bn | 4.0 bn | esef· 15 Apr 2025verified |
| Gross profit | 1.4 bn | 1.1 bn | esef· 15 Apr 2025verified |
| Research & development | 47.0 m | 34.0 m | esef· 15 Apr 2025verified |
| Operating income | 278.0 m | 433.0 m | esef· 15 Apr 2025verified |
| Pre-tax income | 180.0 m | 320.0 m | esef· 15 Apr 2025verified |
| Income tax | 208.0 m | 87.0 m | esef· 15 Apr 2025verified |
| Net income | 2.1 bn | 233.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | 19.85 | 2.10 | esef· 15 Apr 2025verified |
| Dividend per share | 4.05 | 2.37 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 584.0 m | 539.0 m | esef· 15 Apr 2025verified |
| Inventories | 642.0 m | 623.0 m | esef· 15 Apr 2025verified |
| Current assets | 2.7 bn | 2.5 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 2.1 bn | 2.2 bn | esef· 15 Apr 2025verified |
| Goodwill | 764.0 m | 782.0 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 201.0 m | 217.0 m | esef· 15 Apr 2025verified |
| Total assets | 7.0 bn | 6.7 bn | esef· 15 Apr 2025verified |
| Long-term debt | 2.0 bn | 2.0 bn | esef· 15 Apr 2025verified |
| Current liabilities | 2.2 bn | 1.9 bn | esef· 15 Apr 2025verified |
| Total liabilities | 5.7 bn | 5.3 bn | esef· 15 Apr 2025verified |
| Equity | 1.3 bn | 1.4 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 104.8 m | 109.9 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.9 bn | 615.0 m | esef· 15 Apr 2025verified |
| Capex | 967.0 m | 272.0 m | esef· 15 Apr 2025verified |
| Free cash flow | 944.0 m ≈ | 343.0 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -1.8 bn | -281.0 m | esef· 15 Apr 2025verified |
| Financing cash flow | -455.0 m | -364.0 m | esef· 15 Apr 2025verified |
| Dividends paid | 424.0 m | 260.0 m | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.30 – 49.61 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E22.30 – 49.61 (Mid 32.30)24 companies used · median multiple 15.4x · quartiles 10.6x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)32.17 – 43.87 (Mid 37.12)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.4% | 63 (vs peers) | 19% |
| Net margin · Quality | 4.5% | 56 (vs peers) | 11% |
| FCF conversion · Quality | 147.2% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 11.7x | 74 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.7% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 9.6% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 75.8% | 63 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial42/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 3/3 factors with a value
- Returns85/100 · 2/2 factors with a value
- Valuation86/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOLVAY (SOLB.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 5.1 bn EUR in 2024; YoY growth -14.8%; net margin 4.5%; ROE 17.2%.
The estimated value range is 27.24–46.74 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 34.71 EUR, the price of 24.54 EUR leaves a potential of 41.5% (value / price − 1) and a margin of safety of 29.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 147.2%
- P/E (TTM): 11.7x
- FCF yield: 12.7%
- Shareholder yield (distributions): 9.6%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| SOLB.BRSolvay | 2.7 bn | 11.7 | 17.2% | 4.5% | −14.8% | −11% / +16% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for SOLB.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.25 Total return -40% · Per year -40% | 23.54 Total return 4% · Per year 4% | 35.61 Total return 55% · Per year 55% |
| 3 years | 10.52 Total return -41% · Per year -16% | 21.24 Total return 10% · Per year 3% | 35.61 Total return 75% · Per year 20% |
| 5 years | 8.35 Total return -41% · Per year -10% | 19.17 Total return 15% · Per year 3% | 35.61 Total return 95% · Per year 14% |
- Exit P/E± 5.31
- Net margin± 3.72
- Annual revenue growth± 3.36
- Annual dilution± 0.31
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
- INTERVIEW: Solvay CEO says chemicals industry can’t afford to lose free CO2 allowancesEuractiv · 03 Nov 2026 · EN
- Solvay to double chip chemical output in Taiwan amid AI boom: CEONikkei Asia · 03 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.