Strong 4Q for BASF as Monomer Prices Remain at High Levels
Narrow-moat BASF pre-released fourth-quarter results in January due to EBIT being significantly above analyst consensus. Fourth-quarter EBIT of EUR 1.9 billion was up 58% over the prior year's period but only modestly exceeded our forecast. We had argued throughout the year that guidance was overly conservative, but BASF’s 2017 EBIT increase of 32% ended up well ahead of our original expectations, even though our forecast looked optimistic versus consensus at the beginning of the year. Abnormal ...
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