BASF : CMD review – bringing Sum-of-the-parts back to life. Focus on “Verbund”. Keeping shareholder returns at strong € 12bn but gaining flexibility
>Largely volume/ramp-up driven growth baked into 2028-targets - BASF presented its 2028 targets at last week’s CMD, looking for gradual growth to € 10-12bn EBITDA bsi out to 2028 (ODDO BHF: € 10.6bn) from € 7.67bn reported in 2023 and € 9.11bn on average in 2019-23. € 3.3bn EBITDA bsi build-up at mid-point is largely (c. 2/3) driven by volume recovery including ramp-up of its new Chinese Verbund site in Zhanjiang towards reiterated 2030-EBITDA targets of € 1.0-1.2bn ...BASF is a chemical company based in Germany. Co. conducts its operations through five reportable segments: Chemicals, which comprises the Petrochemicals, Monomers and Intermediates divisions; Performance Products, which consists of the Dispersions & Pigments, Care Chemicals, Nutrition & Health and Performance Chemicals divisions; Functional Materials & Solutions, which comprises the Catalysts, Construction Chemicals, Coatings and Performance Materials divisions; Agricultural Solutions, which comprises the Crop Protection division; and Oil & Gas, which is composed of the Oil & Gas division.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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