Original-Research: Wacker Chemie (von Parmantier & Cie. GmbH): BUY
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Original-Research: Wacker Chemie - from Parmantier & Cie. GmbH
05.11.2026 / 11:15 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of Parmantier & Cie. GmbH to Wacker Chemie
Company Name: Wacker Chemie
ISIN: DE000WCH8881
Reason for the research: Q3 Update
Recommendation: BUY
from: 04.11.2026
Target price: 106,00
Last rating change:
Analyst: Stefan Heieck & René Parmantier
PRESS RELEASE
Parmantier & Cie. reiterates Buy on Wacker Chemie with unchanged EUR106 price
target
Siltronic guidance upgrade supports semiconductor read-across; constructive
SOTP scenarios indicate additional valuation potential
Frankfurt am Main, 5 November 2026. Parmantier & Cie. Research reiterates
Buy on Wacker Chemie with an unchanged formal price target of EUR106. In their
latest research update, analysts Stefan Heieck and René Parmantier continue
to expect Wacker to outperform its conservative Q4 guidance.
Parmantier & Cie. forecasts EUR790m EBITDA for 2027 and EUR854m for 2028. The
investment case centres on an operating recovery in Silicones and Polymers
and a stronger balance sheet. The PCR base-case assumption of EUR500m net cash
in 2027 is an independent estimate, not company guidance.
Today's guidance upgrade from Siltronic provides a positive read-across for
semiconductor materials. Siltronic now expects 2026 sales approximately in
line with the previous year and has narrowed its EBITDA-margin guidance from
20-24% to 22-24%. This does not yet establish a sustainable recovery in
solar polysilicon.
The constructive sum-of-the-parts valuation indicates approximately EUR120 per
Wacker share after valuation-timing adjustment, or approximately EUR129 on a
nominal 2028 basis. Both are scenarios and not new formal price targets.
Principal risks remain China, polysilicon and solar, European energy costs,
weak end markets and cash conversion.
Investors interested in the full study and joining our research mailing list
are invited to email: research@parmantiercie.com.
Independent research. This announcement is a marketing summary, not
investment advice. Forecasts and fair-value scenarios are not guarantees.
The full study contains the valuation assumptions, risks and regulatory
disclosures.
You can download the research here:
Contact for questions:
René Parmantier & Stefan Heieck
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2429154 05.11.2026 CET/CEST
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