Chemicals Bellwether BASF Slashes 2019 EBIT Guidance; Shares Slightly Undervalued
After the market closed on July 8 narrow-moat BASF released a profit warning, stating 2019 EBIT is now expected to be up to 30% below the prior-year level, compared with previous guidance for an increase in the range of 1%-10%. This is well below consensus and our expectations for EBIT growth to be flat to slightly down. Shares are trading down 5% intraday in response to the news and European peers are similarly all trading in the red. We agree with the market assessment and are lowering our fai...
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