BASF's 4Q Profits Down Sharply as Expected, but 2019 Outlook Encouraging; Shares Fairly Valued
Narrow-moat BASF reported fourth-quarter EBIT of EUR 630 million, a nearly 60% decline from the prior-year period due mostly to lower isocyanate prices. This was below our estimate but ahead of consensus which, combined with relatively positive 2019 guidance, sent the shares up 4% intraday. EBIT for the full year fell 17% from 2017, in line with the company’s December 2018 profit warning of a 15%-20% decline. BASF expects a slight increase in EBIT for 2019, which means up to 10% growth, although...
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