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Basf SE ADR BASFY

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Stock PINX Rating as of
$13.05 −0.63 (4.61%)
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As of Delayed Price Closed
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Company Report

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BASF Earnings: Slight Volume Growth Supports Our Recovery Thesis

Seth Goldstein

Following inventory destocking that weighed heavily on 2023 profits, BASF reported solid results for the first quarter of 2024. Volume excluding metals trading rose 2% versus the prior-year quarter, a much-improved result versus the 12% volume decline for full-year 2023. The results were in line with our view that BASF will see a profit rebound in 2024 as slightly higher volume allows the company to run its plants at a higher capacity utilization, taking advantage of the Verbund process (the physical integration of production, market platforms, and technologies that tie the businesses together) that underpins our narrow moat rating based on a cost advantage.

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Price vs Fair Value

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BASFY is trading at a 19% discount.
Price
$13.70
Fair Value
$97.00
Uncertainty
Medium
1-Star Price
$23.66
5-Star Price
$52.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

BASF’s Verbund concept drives strong returns through operational optimization that minimizes production costs despite the firm’s reliance on costlier feedstocks than peers.

Bears

The Verbund concept can be replicated, potentially eroding the firm’s cost advantage if enough competitors implement similar processes.

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News

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Trading Information

Previous Close Price
$13.68
Day Range
$12.91–13.28
52-Week Range
$10.66–14.89
Bid/Ask
$13.02 / $13.22
Market Cap
$46.59 Bil
Volume/Avg
124,569 / 158,806

Key Statistics

Price/Earnings (Normalized)
20.74
Price/Sales
0.66
Dividend Yield (Trailing)
6.84%
Dividend Yield (Forward)
6.84%
Total Yield
6.84%

Company Profile

Founded in 1865 and based in Germany, BASF is the world’s largest chemical company, with products spanning the full spectrum of commodities to specialties. In addition, the company is a strong player in agricultural crop protection chemicals and emissions control catalysts for cars and trucks. Given its sheer size, BASF has a top-three market position in approximately 70% of its businesses.
Sector
Basic Materials
Industry
Chemicals
Stock Style Box
Large Value
Total Number of Employees
111,855
Website
https://www.basf.com

Comparables

Valuation

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Metric
BASFY
LXS
1COV
Price/Earnings (Normalized)
 20.7463.23—
Price/Book Value
 1.250.401.37
Price/Sales
 0.660.310.63
Price/Cash Flow
 8.086.9118.23
Price/Earnings
BASFY
LXS
1COV

Financial Strength

Metric
BASFY
LXS
1COV
Quick Ratio
 1.231.171.04
Current Ratio
 2.092.671.79
Interest Coverage
 1.74−2.361.02
Quick Ratio
BASFY
LXS
1COV

Profitability

Metric
BASFY
LXS
1COV
Return on Assets (Normalized)
 1.18%0.68%−1.59%
Return on Equity (Normalized)
 2.55%1.57%−3.29%
Return on Invested Capital (Normalized)
 2.29%1.72%−1.35%
Return on Assets
BASFY
LXS
1COV
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