BASF’s FY were finally stronger at the profitability level than expected by us after the release of some preliminary figures at the end of January. Despite more details, the stronger net working capital outflow seems to foil management’s quite cautious FY guidance. The start into the year might have not been a perfect one due to the weather conditions in some regions (e.g. US).
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Quite cautious into 2021
BASF’s FY were finally stronger at the profitability level than expected by us after the release of some preliminary figures at the end of January. Despite more details, the stronger net working capital outflow seems to foil management’s quite cautious FY guidance. The start into the year might have not been a perfect one due to the weather conditions in some regions (e.g. US).