实时全球研报

BASF SE (BASFn.DE): Prepping for the possibility of a pre-release today

发布日期: 2026-07-10研究机构: Citi公司 / 股票: BASFn.DE报告页数: 11原文语言: English证据页码: 2

研报英文原文证据摘录

BASF SE (BASFn.DE)

10 July 2026 Citi Research

Looking ahead, Covestro indicated that Q3 is tracking closer to Q1 than Q2 levels, whereas Vara currently forecasts Q3

Materials EBITDA slightly below Q1. This should underpin Q3 expectations for Materials, although both the YoY and QoQ

comparisons suggest consensus is broadly in the right range.

Figure 1. Covestro's QoQ performance indicates upside Figure 2. ...but not when from a YoY perspective

risk to Materials consensus

Source: Citi Research, Company Reports, Vara

What to do with the stock? The shares have now fallen back below pre-war levels with positioning relatively bearish, in

particular among London-based hedge funds. At current valuations, we believe the risk/reward is skewed to the upside, as

the case for a gradual recovery in underlying demand remains intact, with global manufacturing PMIs still hovering near four-

year highs. While the market appears to be discounting the temporary earnings tailwinds from Middle East-related supply

disruptions, these have nevertheless generated an unexpected cash inflow, which could support accelerated shareholder

returns. In addition, should our expectation of rising protectionism in Europe materialise, with further policy developments

emerging during Q3, we would expect BASF to be among the key beneficiaries given its substantial European manufacturing

footprint.

*Note that BASF’s management tend to hold their board meetings on Fridays.

本摘录由系统从所标注的 PDF 证据页直接提取并保留英文原文，不做批量翻译；登录后在阅读器切换中文时才按需翻译。