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      "text": "EPS: 6.79",
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      "text": "At twice the price, it wouldn't seem expensive. So we think this boring essential chemicals business will generate an attractive risk-adjusted return.",
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      "text": "All told, Solvay is a commodity chemical company, with relatively high and stable margins, a high return on capital, and a good return of capital.",
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      "text": "Source: Greenlight estimates for pro forma figures and consensus for 2024",
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      "text": "Source: Bloomberg LP, retrieved April 1, 2024; Solvay press release, March 13, 2024; Solvay Capital Markets Day, November 13, 2023; Greenlight estimates and calculations. Please refer to note on Slide 2.",
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      "text": "Source: Bloomberg LP, retrieved April 1, 2024; Solvay press release, March 13, 2024; Solvay Capital Markets Day, November 13, 2023; Greenlight estimates and calculations. Please refer to note on Slide 2.",
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      "text": "Pro Forma 2022 2023 2024E 2028 Target Revenues 5,540 4,880 4,516 EBITDA 1,236 1,154 930 1,474 % Margin 22.3% 23.6% 20.6% EBIT 915 833 602 1,088 Net Income 626 569 384 725 EPS 6.01 5.40 3.62 6.79",
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