Parmantier & Cie. Upholds Wacker Chemie Buy Rating

Parmantier & Cie. GmbH maintains its Buy recommendation for Wacker Chemie, with a steady price target of €106. Analysts Stefan Heieck and René Parmantier anticipate Wacker will outperform its conservative Q4 projections. An operating recovery in both Silicones and Polymers is pivotal, expecting €790 million EBITDA in 2027 and €854 million in 2028.

The report highlights a Siltronic guidance upgrade, influencing semiconductor materials positively. However, a sustainable recovery in solar polysilicon remains uncertain. The sum-of-the-parts valuation suggests approximately €120 per share, or €129 on a nominal 2028 basis. Key risks include China, polysilicon, European energy costs, and weak end markets.