UBS raises Solvay's EPS by 3.6% for 2008

07 September 2007 12:50  [Source: ICIS news]

LONDON (ICIS news)--UBS raised Solvay’s EPS (earnings per share) 2008 estimates by 3.6% to €9.33 ($12.77) following the company’s second-quarter results, the brokerage said in a research note on Friday.

UBS also raised the Belgian chemical firm's EPS for this year by 0.8% to €9.24. However, it dropped Solvay's 2009 EPS by 6.2% to €9.38.

The brokerage said the results showed a lower quality mix in its REBIT (recurring earnings before interest and tax) because the pharmaceutical sector’s REBIT fell 32%.

 

Solvay’s REBIT estimate for 2007 remained stable but for 2008 it was increased by 2.9% to €1,205m. The estimate for 2009 was dropped by 5.7% to €1,122.

 

UBS maintained its ‘sell’ rating on the stock.

 

Shares in Solvay were trading at €106.68 on Friday afternoon, down 0.88% from Thursday’s close.

 

($1 = €0.73)

By: Lucy Craymer
+44 20 8652 3214

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