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Campaign_phase = initial_thesis (first public pitch of this idea).", "kpisCited": [ { "detail": "25.5% in 2023 (record); mid-to-high-20s 2028 target", "metric": "EBITDA margin" }, { "detail": "20.4% from continuing operations; low-20s by 2028", "metric": "ROCE" }, { "detail": "1.2x underlying net debt / EBITDA", "metric": "Net leverage" }, { "detail": "~7x on 2024E EPS of €3.62 consensus (Greenlight sees ~€4)", "metric": "P/E multiple" }, { "detail": "€2.43 2023 dividend on €25.30 share price ≈ 9.6%", "metric": "Dividend yield" }, { "detail": "~€6.79 at midpoint of management's 2028 targets, near prior €6.01 peak", "metric": "2028 EPS" }, { "detail": "~€4bn pre-CAPEX 2024-28, roughly equal to €2.7bn market cap", "metric": "Five-year FCF" }, { "detail": "Soda Ash 43%, Special Chem 19%, Peroxides 13%, Coatis 13%, Silica 12% of sales", "metric": "Segment mix" } ], "closingAsk": "Own Solvay as a boring essential-chemicals compounder that will deliver attractive risk-adjusted returns through its near-10% dividend and capital appreciation toward normalized 2028 earnings.", "extraction": { "at": "2026-04-22 16:25:19+00", "model": "unknown-legacy", "runId": null, "seconds": 195.15352, "promptVersion": null }, "scqaReward": "Normalized 2028 EPS of ~€6.79 at a still-cheap multiple supports roughly doubling the stock — 'at twice the price, it wouldn't seem expensive' — plus ~10% annual dividend yield en route.", "thesisTypes": [ "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Post-spin 'new Solvay' is a #1-position essential chemicals business at 7x trough 2024 EPS", "2024 is cyclical trough; 2028 targets imply ~€6.79 EPS near prior peak", "Near-10% dividend yield returns half the market cap over five years" ], "scqaSituation": "Solvay is a 160-year-old Belgian essential-chemicals business that, post-December 2023 spinoff of Syensqo, holds #1 global positions across soda ash, peroxides, silica, special chem and Coatis with 25.5% EBITDA margins.", "thesisSummary": "Greenlight's April 2024 Sohn pitch is the post-spinoff 'new Solvay' (SOLB BB), a 160-year-old Belgian essential-chemicals business that shed its specialty arm as Syensqo in December 2023. 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You can see that there was a COVID-related plunge, followed by a recovery, followed by a weak 2023 due to the European recession.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:13.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b4c1a8b-f5ca-403f-90ce-6c4f69a9676d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "As we will show in a bit, while 2024 is poised to be a down-profits year, there is certainly room for volumes to better recover in the next few years as construction rebounds to the levels seen between 2018 and 2022.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:13.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cd84fbb-b380-4e3a-a002-adf8b1a8287d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.11, "y": 0.47 }, "kind": "source-note", "text": "Source: BNP Paribas Exane Research / Eurostat", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The European slowdown and inventory destocking have caused utilization to return to about 83%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:11.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22f0d92f-c6dd-42d3-96e3-bfa7e1fdfc9c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "paragraph", "text": "J.P. Morgan projects that global capacity utilization will rise gradually over the next seven years, as demand grows a little faster than supply.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:34.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23f02d74-cd1c-4a2d-bfe1-aee96038b9bd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.6 }, "kind": "paragraph", "text": "As the global economy reopened, demand returned to trend and utilization jumped to 88% to try to catch up. The European slowdown and inventory destocking have caused utilization to return to about 83%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:34.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4db7b6a6-76cc-4cff-a330-43a44ceb3ee6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "paragraph", "text": "J.P. Morgan projects that global capacity utilization will rise gradually over the next seven years, as demand grows a little faster than supply.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:11.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62a4e34d-4674-4801-8eab-f627b4a898d9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "Over a longer time, soda ash demand has grown with GDP. It is likely to grow above trend going forward, given soda ash's importance to renewable energy and EV batteries. Each ton of lithium produced requires approximately two tons of soda ash.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:11.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74bbddd4-c4db-4201-88bd-a051ed7a7578", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "Over a longer time, soda ash demand has grown with GDP. It is likely to grow above trend going forward, given soda ash's importance to renewable energy and EV batteries. Each ton of lithium produced requires approximately two tons of soda ash.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:34.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "966eb7a8-0837-47ab-b9b4-dbc292bfbfe0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "COVID had a significant impact. Demand slowed down a bit in 2020, which drove industry utilization from 87% to under 80%. It takes years for new supply to come online, so COVID also derailed capacity additions for several years.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:11.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac3b71ed-96fa-4036-9e18-77eb85048bb2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "COVID had a significant impact. Demand slowed down a bit in 2020, which drove industry utilization from 87% to under 80%. It takes years for new supply to come online, so COVID also derailed capacity additions for several years.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:34.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b203598b-2ead-4b60-8b0c-c342040c23b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "Source: J.P. Morgan Europe Equity Research, WE Soda June 7, 2023.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:34.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99df3e68-6f4f-401a-84a4-da8ea90a8b65", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "Source: J.P. 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Pricing has fallen and 2024 is forecast to look a lot like 2019. However, this time we believe that this is a trough result, rather than a midcycle result.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:40.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "922b4d4a-9f15-4047-846c-ad1d3321dab8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.778, "x": 0.111, "y": 0.748 }, "kind": "paragraph", "text": "Management agrees that 2024 should be a trough.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:40.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba89712c-8abd-45c6-8602-f09b033abb3c", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.778, "x": 0.111, "y": 0.488 }, "kind": "paragraph", "text": "In working through the disclosure, this is our best take on soda ash's historical financial performance for the last five years and guidance for 2024. 2019 was a below-normal year, and was followed by COVID, which caused an unusual decline.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:40.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d557da95-4b1c-44a9-a65a-950f1fb39ec6", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.778, "x": 0.111, "y": 0.662 }, "kind": "paragraph", "text": "Back in 2019, Solvay was dealing with new competitive natural capacity coming from Turkey, and it took a while for the market to rebalance. 2024 features the back end of a European recession and destocking, which already impacted 2023.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:40.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f73b587f-cdff-49d1-b4b1-1acd32e6e591", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.778, "x": 0.111, "y": 0.865 }, "kind": "source-note", "text": "Source: Solvay annual reports 2019 – 2022; Solvay press release, March 13, 2024; Greenlight estimates and calculations. Please refer to note on Slide 2.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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On a pro forma basis for the spin-out, we calculate Solvay earned €5.40 per share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:46.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29abbdc7-212c-4575-b212-78d1766c1a58", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.49 }, "kind": "paragraph", "text": "2023 suffered from a European slowdown and customer destocking. This affected most European chemical companies. Even so, EBITDA was €1.25 billion and benefitted from positive net pricing and lower fixed costs in an inflationary environment, reflecting strong cost discipline. The company has an investment grade rating, modest leverage and a high return on capital. On a pro forma basis for the spin-out, we calculate Solvay earned €5.40 per share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:13.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b40aa4e-ab39-4b53-8a98-4158142e9bd9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.12, "y": 0.7 }, "kind": "source-note", "text": "Source: Solvay Full-Year 2023 Results Earnings Presentation, March 13, 2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Based on 2024 consensus, it has just 1.6 turns of debt. Consensus expects earnings of €3.62 per share this year, which is around the middle of guidance. We actually think this doesn’t take into account a moderate economic recovery in Europe, which we believe will keep earnings at about €4 per share, toward the high end of guidance. Even so, the P/E is just 7x on what we and management believe to be cyclically depressed results.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:12.562+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "175e0eb1-39e8-4c51-ba3f-b019ee323f0a", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.49 }, "kind": "paragraph", "text": "Solvay’s market capitalization is €2.7 billion. Based on 2024 consensus, it has just 1.6 turns of debt. Consensus expects earnings of €3.62 per share this year, which is around the middle of guidance. We actually think this doesn’t take into account a moderate economic recovery in Europe, which we believe will keep earnings at about €4 per share, toward the high end of guidance. Even so, the P/E is just 7x on what we and management believe to be cyclically depressed results.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:47.148+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0250a05-aead-4b7d-bbaf-81168fb0b568", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.764, "x": 0.118, "y": 0.75 }, "kind": "source-note", "text": "Source: Bloomberg LP, retrieved April 1, 2024; Solvay press release, March 13, 2024; Greenlight estimates and calculations. Please refer to note on Slide 2.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:07:12.562+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0497a0dc-ddf8-4106-bbbd-ae8e5857cb92", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.764, "x": 0.118, "y": 0.75 }, "kind": "source-note", "text": "Source: Bloomberg LP, retrieved April 1, 2024; Solvay press release, March 13, 2024; Greenlight estimates and calculations. 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