Investment Highlights
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WE Soda is the largest producer of soda ash and, we believe, the fastest growing producer of natural soda ash and one of the lowest cost producers of soda ash in the world
We benefit from a modern, well invested asset base and the most environmentally friendly and sustainable production process within our industry.
Operates in a large, steady and growing market...
Large, global market with steady, non-cyclical volume growth
Clean, simple product
Resilient industrial end markets and no meaningful substitution risk
Tightening supply-demand balances, within disciplined supply additions
Robust price growth, driven by supply-demand and forecast to continue
... with significant operating advantages...
Largest soda ash producer globally
Modern, efficient, well-invested assets
By far the lowest cost soda ash producer globally
Barriers to entry: access to Trona and solution extraction 'know-how'
Export-led, global business with sales in 80 countries
... best-in-class ESG credentials...
Cleanest and most environmentally-friendly production
By far the lowest CO2 energy/water consumption and waste, compared with other production methods
Platinum EcoVadis (sustainability) and A-grade CDP (environmental) ratings
Multiple social projects supporting the communities in which we operate
Strong governance, with balanced Board
... and an exceptional financial profile
Exceptional EBITDA margins and growth
'Right-way' FX exposure, low price volatility
100% of WE Soda’s sales are in hard currency: c.50% USD, c.50% EUR
Over 80% Cash Conversion during the last year
Low leverage: 2.4x LTM March 2024 net debt/adj. EBITDA
All numbers as of 31 March 2024