Solid 3Q for BASF in Chemicals; Higher Raw Material Costs Hurt Downstream Operations
We are maintaining our EUR 78 fair value estimate for narrow-moat BASFÂ after reviewing third-quarter results. Our ADR fair value estimate moves to $23 from $93 due to a 4-for-1 share split and currency changes. EBIT increased 16% from the year-ago quarter, slightly better than our already optimistic forecast. Strength resided entirely in the chemical segment. Similar to Covestro, BASF is benefiting from continued supply disruptions in the polyurethane market. This led to a 126% increase in EBIT ...
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