Raising BASF's FVE on higher 2017 profits and increasing confidence in performance products.
We are maintaining our narrow moat rating after reviewing BASF's fourth-quarter results. We expect to raise our EUR 74 fair value estimate slightly to reflect the time value of money. At current levels, the shares look moderately overvalued.Fourth-quarter EBIT was up 15% year over year but below our estimate due to a EUR 200 million swing in the firm's long-term performance incentive program. Ignoring that, EBIT in the core operating segments was slightly better than expected on the back of st...
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