BASF (1K) | Buy (Hold) | Short-term boost, long-term champion

研报英文原文证据摘录

BASF (1K) | Buy (Hold) | Short-term boost, long-term champion

#RatingChange

This insert is part of a sector report, which is Release date: 10 June 2026

available here

Company research

Buy (Hold) ESG profile BASF

Germany | Chemicals Beta Profile: MCap: EUR42.2bn

Target Price: EUR56.00 (54.00) Change in TP: 3.7% Bloomberg: BAS GR Reuters: BASFn.DE

Current Price: EUR48.53 Change in Sales: 1.3% 26E/1.6% 27E Free float 100.0%

Avg. daily volume (EURm) 305.1 Up/downside: 15.4% Change in Adj EBIT: 63.8% 26E/9.0% 27E

YTD abs performance 9.2%

Market data: 09 June 2026 Change in Adj. EPS: 57.8% 26E/9.4% 27E

52-week high/low (EUR) 54.74/41.28

Short-term boost, long-term champion Price performance

Why this report?

We raise our earning estimates, particularly for 2026, largely driven by our 56

expectations for Q2, which should have benefited significantly from the 54 52

continued disruption to shipping through the Strait of Hormuz and the 50

associated rush by customers to secure supply. Underlying demand in H2 48

across key chemical value chains is expected to remain subdued, reflecting 4644

demand destruction caused by inflationary pressure on everyday consumer 42

goods. Current mixed macro indicators across the chemical value chain 40

Jun 25 Dec 25 Jun 26

support this view. In Catalysts, which accounts for the majority of BASF’s

Surface Technologies segment, BASF competes directly with Johnson Price Stoxx Europe 600 (rebased)

Matthey and Umicore in mobile emissions control, while also maintaining a

leading position in chemical catalysts. Reflecting our higher earnings

estimates, our combined SOP and DCF valuation now yields a target price of

EUR56. The shares have underperformed despite improving earnings FY to 31/12 (EUR) 12/26E 12/27E 12/28E