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

Classification of Parmantier & Cie. GmbH to Wacker Chemie

PRESS RELEASE

Parmantier & Cie. reiterates Buy on Wacker Chemie with unchanged €106 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 €106. In their latest research update, analysts Stefan Heieck and René Parmantier continue to expect Wacker to outperform its conservative Q4 guidance.

Parmantier & Cie. forecasts €790m EBITDA for 2027 and €854m 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 €500m 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 €120 per Wacker share after valuation-timing adjustment, or approximately €129 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.