Raising BASF FVE on Higher 2017 Profits and Increasing Confidence in Performance Products
We are increasing our fair value estimate for narrow-moat BASF to EUR 78 per share from EUR 74 after reviewing first-quarter results. The ADR moves to $85 from $81. BASF reported strong results in the first quarter, with EBIT increasing 29% over the prior-year period, although we think some temporary effects contributed to the result. In any case, we have boosted our 2017 EBIT estimate, and BASF’s guidance for high-single-digit EBIT growth now looks overly conservative. We think high-double-digi...
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