First Read: BASF SE "Best of Europe Virtual Conference 2026 - Feedback"

研报英文原文证据摘录

First Read: BASF SE "Best of Europe Virtual Conference 2026 - Feedback"

Global Research

12 May 2026ab

First Read

EquitiesBASF SE

Best of Europe Virtual Conference 2026 - Germany

Feedback Chemicals, Commodity

12-month rating Neutral

12m price target €52.00

BASF at the Best of Europe Virtual Conference 2026

We hosted Alexander Koehler, Investor Relations, today for group meetings.

Price (11 May 2026) €53.46

Key takeaways RIC: BASFn.DE BBG: BAS GY

Optimistic near term but cautious on 2H demand: April demand trends are

Trading data and key metrics

good so far as highlighted by the CFO on the Q1 conference call a few weeks ago

52-wk range €54.74-41.28

on market share gains as a result of lower supply from Asia/Middle East. The main

Market cap. €47.7b/US$56.2b

risks flagged were that a prolonged conflict could result in demand destruction in

2H and FX is also a headwind for earnings. BASF benefits from backwards Shares o/s 892m (ORD)

integration in all three regions so is better positioned vs competitors to supply Free float 100%

downstream products. On feedstock availability, there is no immediate concern Avg. daily volume ('000) 3,384

(for the next 1-2 months). The company is actively hedging and monitoring raw Avg. daily value (m) €170.2

materials daily but is also cognisant not to overcommit to feedstock requirements Common s/h equity (12/26E) €32.4b

due to conflict-related price uncertainty. Crackers in Europe and Zhanjiang are also P/BV (12/26E) 1.5x

flexible on feedstock and can utilise naphtha as well as propane (used in Europe) & Net debt to EBITDA (12/26E) 2.1x

butane (used at Zhanjiang) which are sourced from North America with a high

EPS (UBS, diluted) (EUR)

degree of flexibility especially at Zhanjiang. The coatings transaction with Carlyle is

UBS Cons.