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  "documentTitle": "Solvay SA (SOLB BB)",
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      "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.",
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      "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.",
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