Raw Material Inflation Continues to Crimp BASF’s Downstream Profitability; Shares Fairly Valued
Narrow-moat BASF reported second-quarter results that were slightly below our expectations, owing primarily to lower margins in the downstream segments, as rising raw material costs could not be offset by higher prices. EBIT for the second quarter was EUR 2.4 billion, a 5% increase over the prior-year period. With continued soft results in the downstream business, our 2018 forecast for a 13% increase in EBIT looks aggressive compared with the 3% increase reported year-to-date and guidance for a ...
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