BASF: CEO Call Takeaways

研报英文原文证据摘录

BASF: CEO Call Takeaways

Update

May 14, 2026 06:03 AM GMT

Morgan Stanley & Co. International plc+MBASF | Europe Thomas P Wrigglesworth

Equity Analyst

CEO Call Takeaways Tom.Wrigglesworth@morganstanley.comLisa H De Neve +44 20 7677-2581

Lisa.De.Neve@morganstanley.com +44 20 7677-0250

We hosted BASF's CEO Markus Kamieth for a fireside Selina Wang

conversation focused on 1Q26 operating performance, current Research Associate

Selina.Wang1@morganstanley.com +44 20 7425-2552

conditions and BASF's competitive position & strategy

BASF (BASFn.DE, BAS GY)

Bottomline: BASF's key message is that the group's strategy around local-for-local Top Pick

and focusing on cost competitiveness in the upstream vs empowering de-centralized Chemicals | Germany

decision making in the standalone business has been vindicated by the resilience Stock Rating Overweight

seen in the current supply shock. That said, BASF wants to show this repeatedly in Industry View In-Line

Price target €60.00

the numbers. The chemicals industry remains in a challenging situation but the Shr price, close (May 12, 2026) €53.20

business continues to stream-line with lower headcount and lean capex and will 52-Week Range €55.05-40.75

Mkt cap, curr (mn) €46,729

continue to deliver. Net debt (12/26e) (mn)* €12,624

EV, curr (mn)* €70,232

Upstream Conditions - Upstream conditions are good for the most part. Shortages * = GAAP or approximated based on GAAP

have hit competitors across India, Korea, Japan and to a lesser extent in China. This Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

has led to a strong increase in prices and a reduction of exports/imports to Europe. Sales / Revenue 59,838 60,048 61,465 63,180

March benefitted from some re-stocking/safety stocking with orders strong in April. (€mn)**