Solvay drops after cost savings-driven beat
** Shares in Belgian chemicals group Solvay SOLB.BR fall around 5%, with analysts pointing to low-quality earnings beat and profit taking as a likely reason for the drop
** "The market is arguably less excited about the outperformance of EBITDA vs expectations than would normally be the case given that this is mainly driven by corporate cost savings," Berenberg analyst Sebastian Bray says
** Bray adds that there likely may be some profit taking given good share performance this year; stock up 30% YTD
** Q3 underlying EBITDA came in at 259 million euros vs analysts' forecast of 250 million euros, but the beat was driven by "a big beat in the lumpy Corporate line," KBC adds
** "The underlying performance of the operating segments excluding corporate was modestly below consensus expectations in my view" - KBC
Reporting by Dimitri Rhodes
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