Encouraging Progress in BASF’s Performance Products Business; Limited Impact From Ludwigshafen Fire
After reviewing BASF’s third-quarter results, we are maintaining our EUR 74 fair value estimate and narrow moat rating. Our fair value estimate for the ADR moves to $81 from $84; this is due entirely to changes in foreign exchange rates. BASF confirmed its 2016 guidance. The recent fire at the company’s largest production facility in Ludwigshafen, Germany, is expected to have only a modest negative impact on earnings. At current levels, shares look fairly valued.In the chemicals segment, EBIT d...
BASF is a chemical company based in Germany. Co. conducts its operations through five reportable segments: Chemicals, which comprises the Petrochemicals, Monomers and Intermediates divisions; Performance Products, which consists of the Dispersions & Pigments, Care Chemicals, Nutrition & Health and Performance Chemicals divisions; Functional Materials & Solutions, which comprises the Catalysts, Construction Chemicals, Coatings and Performance Materials divisions; Agricultural Solutions, which comprises the Crop Protection division; and Oil & Gas, which is composed of the Oil & Gas division.
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