First Read: Lanxess AG "SMID Pan-European Conference 2026 - Feedback" (Sell)

研报英文原文证据摘录

First Read: Lanxess AG "SMID Pan-European Conference 2026 - Feedback" (Sell)

Global Research

13 May 2026ab

First Read

EquitiesLanxess AG

SMID Pan-European Conference 2026 - Germany

Feedback Chemicals, Commodity

12-month rating Sell

12m price target €11.00

Lanxess at the SMID Pan-European Conference 2026

We hosted Matthias Zachert, Chairman of the Board of Management, and Thomas

Kaiser, Investor Relations Manager, at the SMID Pan-European Conference today for Price (13 May 2026) €18.88

group meetings. RIC: LXSG.DE BBG: LXS GR

Trading data and key metrics

Key takeaways

52-wk range €29.08-11.65

Cautiously constructive: Management highlighted improving momentum from

Market cap. €1.63b/US$1.91b

March onwards and stronger April/May order books off a very depressed base. While

there are supportive elements for 2H (cost savings and price-cost normalisation), Shares o/s 86.3m (ORD)

management emphasised that volumes remain the key determinant, with visibility still Free float 100%

limited. With this said, near-term upside appears largely supported by supply disruption Avg. daily volume ('000) 880

and reduced competitive pressure from Asia, rather than a meaningful recovery in Avg. daily value (m) €14.6

underlying demand - with incremental improvements (ex construction, auto and agri) Common s/h equity (12/26E) €3.35b

falling short of signalling a cyclical recovery. While management is optimistic on a more P/BV (12/26E) 0.5x

favourable competitive landscape, it remains cautious on the sustainability of these Net debt to EBITDA (12/26E) 4.3x

dynamics, given ongoing end-market weakness alongside broader geopolitical

EPS (UBS, diluted) (EUR)

uncertainty and the global macro backdrop.

UBS Cons.

12/26E (0.59) 0.42

Please click here for the UBS Neo profile of Lanxess.