Original-Research: Wacker Chemie (von Parmantier & Cie. GmbH): BUY

Summary by AI BETAClose X

Parmantier & Cie reiterates Buy on Wacker Chemie with an unchanged €106 price target and forecasts €790m EBITDA for 2027 and €854m for 2028 while estimating a PCR base-case of €500m net cash in 2027. A Siltronic guidance upgrade—2026 sales roughly in line with the prior year and EBITDA-margin guidance narrowed to 22–24% from 20–24%—provides a positive semiconductor-material read‑across but does not confirm a solar-polysilicon recovery. Constructive sum-of-the-parts scenarios imply ~€120 per share after valuation-timing adjustment and ~€129 on a nominal 2028 basis. Principal risks cited are China exposure, polysilicon/solar volatility, European energy costs, weak end markets and cash conversion.

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