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1. Company Snapshot

1.a. Company Description

Synthomer plc operates as a specialty chemicals company.It operates through four segments: Performance Elastomers, Functional Solutions, Industrial Specialities, and Acrylate Monomers.The company offers pressure sensitive adhesives, acrylic polymers, acrylic dispersions, saturants, release coatings, and other adhesives; water-based carboxylated styrene butadiene rubber, redispersible powder, flooring adhesive, and additives for construction applications; and impregnation binders, styrene butadiene copolymers, dispersions, polymer binders, and butadiene-based binders for textiles applications.


It also provides binders for various carpets; synthetic binders for graphic, packaging, and specialty paper coating applications; paper coating additives and plastic pigments; binders, dispersions, water-based and solvent-borne resins, and other products for various coating applications; foamed bedding products and footwear; elastomeric modifiers for thermoplastics and friction components; reinforcement resins for rubber compounds; and latex for tire cord.In addition, the company offers compounds and aqueous curing pastes for carpets and other applications; acrylic monomers for enhancing the performance characteristics of polymer formulations; antioxidant products; latices for medical examination, clean room, food handling, chemotherapy drug handling, chemical laboratory, and medical device and balloon applications; and nitrile latex, which enhance performance of industrial and fabric-supported gloves.Further, it provides liquid polybutadienes, polyvinyl alcohol suspending agents, polyvinyl acetates, thermosetting resins, butyl ethyl propanediol, and inorganic materials for various industrial applications; and coalescing agents for enhancing the properties of coatings.


The company was formerly known as Yule Catto & Co. plc and changed its name to Synthomer plc in 2012.Synthomer plc was founded in 1863 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on SYNT

Synthomer's recent performance has been negatively impacted by persistent concerns over muted market demand and restrained growth prospects. The company's fair value estimate was revised downward from £1.54 to £1.38, and subsequently to £1.34, reflecting a more cautious assessment of its intrinsic value. Analysts cite a rise in discount rates and reduced projected revenue growth as concerns over industry challenges linger. A partnership with Lummus Technology to license acrylic acid esters technology was announced, but its impact on short-term performance is uncertain.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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What Could Shift the Story for Synthomer After Target Cuts and New Analyst Views

Nov -27

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How Recent Developments Are Rewriting the Story for Synthomer

Nov -08

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How Recent Developments Are Rewriting the Story for Synthomer

Oct -25

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Lummus and Synthomer Announce Partnership to License Acrylic Acid Esters Technology

Sep -22

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Analysts Have Been Trimming Their Synthomer plc (LON:SYNT) Price Target After Its Latest Report

Aug -09

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Synthomer First Half 2025 Earnings: UK£0.22 loss per share (vs UK£0.18 loss in 1H 2024)

Aug -08

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Henkel and Synthomer Partner To Cut Carbon Emissions in Adhesives

Jun -27

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Michael Willome Bought 62% More Shares In Synthomer

Mar -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.79%)

6. Segments

Coatings & Construction Solutions

Expected Growth: 4.5%

Synthomer's Coatings & Construction Solutions segment growth of 4.5% is driven by increasing demand for sustainable and eco-friendly building materials, infrastructure development in emerging markets, and rising adoption of advanced coatings technologies. Additionally, strategic acquisitions and investments in R&D have enhanced the company's product offerings and expanded its customer base.

Adhesive Solutions

Expected Growth: 4.8%

Synthomer's Adhesive Solutions segment growth of 4.8% is driven by increasing demand for sustainable and eco-friendly adhesives, expansion in the packaging and construction industries, and strategic acquisitions. Additionally, the company's focus on innovation and R&D has led to the development of new, high-performance adhesives, further boosting growth.

Health & Protection and Performance Materials

Expected Growth: 5.2%

Synthomer's Health & Protection segment growth of 5.2% is driven by increasing demand for personal care and hygiene products, while Performance Materials growth is fueled by rising adoption of sustainable and eco-friendly solutions in the coatings and construction industries.

7. Detailed Products

Specialty Monomers

Synthomer's specialty monomers are used in a wide range of applications, including coatings, adhesives, and construction materials.

Acrylic Polymers

Synthomer's acrylic polymers are used in coatings, adhesives, and construction materials, providing excellent durability and weather resistance.

Polyvinyl Acetate (PVA) Polymers

Synthomer's PVA polymers are used in a variety of applications, including adhesives, coatings, and construction materials.

Styrene Acrylic Polymers

Synthomer's styrene acrylic polymers are used in coatings, adhesives, and construction materials, providing excellent durability and weather resistance.

Vinyl Acetate Ethylene (VAE) Polymers

Synthomer's VAE polymers are used in a variety of applications, including coatings, adhesives, and construction materials.

8. Synthomer plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Synthomer plc faces moderate threat from substitutes due to the availability of alternative products in the market.

Bargaining Power Of Customers

Synthomer plc's customers have limited bargaining power due to the company's strong brand presence and diversified product offerings.

Bargaining Power Of Suppliers

Synthomer plc's suppliers have moderate bargaining power due to the presence of multiple suppliers in the market, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low for Synthomer plc due to the high barriers to entry in the specialty chemicals industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The specialty chemicals industry is highly competitive, with several established players competing for market share, leading to a high intensity of rivalry for Synthomer plc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.51%
Debt Cost 8.46%
Equity Weight 56.49%
Equity Cost 12.70%
WACC 10.86%
Leverage 77.03%

11. Quality Control: Synthomer plc passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SP Group

A-Score: 4.4/10

Value: 6.3

Growth: 6.9

Quality: 6.2

Yield: 1.9

Momentum: 2.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Treatt

A-Score: 3.9/10

Value: 6.7

Growth: 6.0

Quality: 6.2

Yield: 3.8

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Carbios

A-Score: 2.5/10

Value: 7.8

Growth: 0.3

Quality: 4.5

Yield: 0.0

Momentum: 2.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Avantium

A-Score: 2.3/10

Value: 8.2

Growth: 3.1

Quality: 2.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Synthomer

A-Score: 2.3/10

Value: 8.9

Growth: 0.4

Quality: 1.0

Yield: 2.5

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
VERBIO

A-Score: 2.2/10

Value: 7.0

Growth: 2.0

Quality: 1.1

Yield: 1.2

Momentum: 1.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.59$

Current Price

0.59$

Potential

-0.00%

Expected Cash-Flows