The latter's shares have been treading water since its listing. At the current price of EUR93.5, they are trading at x17 the profit expected this year, and less than x14 the profit expected next year. A direct comparable such as American Hexcel trades at twice the valuation.

Syensqo's upside potential is therefore very real, as highlighted by the renowned Greenlight Capital fund a few weeks ago. At Solvay, this potential has already been partly realized, with the share price soaring since the separation of the two entities became effective.

World leader in all its segments - notably soda ash, sodium bicarbonate and peroxides - with a well-diversified portfolio and a financial performance generally superior to that of its peers, Solvay is one of the world's leading producers of soda ash, sodium bicarbonate and peroxides. However, Solvay is not immune to the prevailing pessimism in the European chemicals sector as a whole.

Earnings per share should reach EUR3.5 this year, and EUR4 next year on the back of a recovery in soda ash prices. Management expects to reach almost EUR7 earnings per share by 2028, thanks in particular to an ambitious EUR300 million cost-cutting program.

Solvay's business enjoys exemplary stability, with well-assured cash generation that amply covers dividend payouts. The current valuation therefore remains potentially attractive, especially for value investors wishing to position themselves in a sector that is still very unpopular.