Auto, Auto, and More Auto Driving BASF’s Weak Results; Shares Fairly Valued
Narrow-moat BASF reported a 47% decline in EBIT for the second quarter, but the stock is trading flat given the company already announced a profit warning on July 8. A EUR 5 billion increase in net income will cause concern, but this was because of a book gain resulting from the deconsolidation of the oil and gas business with the closing of the joint venture with DEA. The common theme throughout management's commentary on the quarter is a very weak automotive industry. Global automotive product...
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