Strong 2Q for BASF, but Not Sustainable; Higher Raw Material Costs Now Affecting Profitability
We are maintaining narrow-moat BASF’s EUR 78 fair value estimate after reviewing the firm's second-quarter results. Our fair value estimate for the ADR moves to $93 from $85, strictly due to currency changes. Last quarter, we argued that BASF’s guidance for high-single-digit EBIT growth was overly conservative, as we believe high-teens growth is realistic. Consequently, we were not surprised to see BASF raise guidance to at least 11% EBIT growth with second-quarter results. We still think double...
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