European Chemicals: Chemical distributors: Brenntag d/g to HOLD, Q2 previews & data book

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European Chemicals: Chemical distributors: Brenntag d/g to HOLD, Q2 previews & data book

Deutsche Bank

Research

Europe Industry Date

Belgium 16 June 2026

Germany European

Netherlands Special Report

Chemicals

Chemical Distributors

Chemical distributors: Brenntag d/g to

HOLD, Q2 previews & data book

Tristan Lamotte

Volatility ahead for distributors upon de-escalation in the Middle East Research Analyst

We have highlighted that chemical distributors were likely to benefit from the +44-20-7547-1862

impact of the Middle East conflict due to higher chemical prices and supply

Virginie Boucher-Ferte

disruption typically being supportive for the distributors. We saw Brenntag as the Research Analyst

greater beneficiary compared to IMCD/Azelis, given its higher exposure to oil- +33-1-4495-5934

linked commodity chemicals. However, with a provisional path towards de-

Rajiv Dalal

escalation, the risk is normalisation. We see scope for volatility across the space,

Research Associate

with Brenntag most exposed to a reversal in pricing and disruption-related

tailwinds. With this note, we downgrade our Brenntag to HOLD. We do not see

IMCD and Azelis as immune to lower pricing, but their more measured pricing Saurabh Mehndiratta

upside during the conflict should imply less downside volatility as conditions Research Associate

normalise. Longer term, we continue to see both Azelis and IMCD as undervalued

given the specialty distributors' historical track record (e.g. avg. organic revenue Dimitri Druart

growth ~4.6% since 2014 outgrowing producers by 2.7% p.a., value-accretive Research Associate

M&A). +33-1-4495-5937

Key Changes

Brenntag to HOLD; risk market looks through shorter-term strength

Company Target Price Rating