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Research Tree provides access to ongoing research coverage, media content and regulatory news on BASF SE. We currently have 9 research reports from 1 professional analysts.
|10Nov16 01:00||PRN||International companies to host live webcasts at Deutsche Bank's Depositary Receipts Virtual Investor Conference on November 16th and 17th, 2016|
|14Oct16 03:47||PRN||BASF set to dazzle with cars, colors and business solutions at SEMA|
|22Jun16 02:00||PRN||BASF and Aspen Aerogels Announce Strategic Partnership|
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Research reports on
Lower NWC, lower capex, FCF sustained
27 Oct 16
Q3 sales dropped 20% (v: +4%; p: -5%; FX: -1%; portfolio: -18%) to €14,013m but the gross profit margin strongly improved (31.0% after 26.2%) despite the decline of the numerator. EBITDA went down 15% to €2,437m and net profit attributable to shareholders came in 27% weaker at €888m. Operating CF clearly dropped 25% to €2,501m, facing a significant decline in the positive NWC (€652m after €1,623m), which was partly offset by lower miscellaneous items (€50m after €-465m). Investing CF more than halved (€-788m after €-1,624m) seeing roughly 40% lower capex (€-936m after €-1,542m), a weaker income from divestments (€161m after €242m) and deteriorated financial investments (€-13m after €-324m). The FCF remained fairly unchanged at €1,713m. Financing moved from €-2,471m to €-84m) as changes in net gross debt came down from €-2,372m to €-107m. Management confirmed the 2016 outlook, expecting sales to be considerably below 2015 (due to the divestment and lower oil & gas prices) and EBIT before one-offs to be slightly below the previous year, which is confirmation of what had been given earlier.
12 Oct 16
BASF published preliminary Q3 figures. Sales clearly dropped 20% to €14.0bn and EBIT before one-offs declined 5% to €1.5bn, whereas EBIT (unchanged at €1.5bn) strongly fell by 23%. Management confirmed its outlook for 2016, seeing a considerable sales decline (divesture of gas trading and storage business) and EBIT before one-offs at a level slightly below 2015’s.
Slightly higher volumes, but operating CF suffers
27 Jul 16
Q2 sales clearly droped 24% to €14,483m, but the gross profit margin rose strongly from 26.3% to 32.3%. EBITDA weakened by 7% to €2,790m and net profit attributable to shareholders declined 14% to €1,092m. Operating CF came down 17% to €2,293m, seeing lower NWC inflow (€203m after €568m) due to lower receivables. Investing CF dropped from €-1,829m to €-730m, facing lower capex and a swing in financial investments. Financing CF soared up from €-633m to €-3,811m, primarily from the scaling back of the US dollar commercial paper programme, which had been expanded in the previous year’s quarter. Management confirmed the 2016 outlook, expecting sales to be considerably below 2015 (due to the divestment and the lower oil & gas prices) and EBIT before one-offs to be slightly below the previous year’s.
Q1 figures: a notch weaker than expected, but still OK
29 Apr 16
The negative effects from the asset swap with Gazprom displayed their full impact, but volatile raw material prices made the toppings. Q1 sales clearly dropped by 29% (to €14,208m), of which -22% stemming from divestments and -6% from lower sales prices. By contrast, the gross profit margin developed very positively (32.9% after 26.6%) despite unchanged volumes. EBITDA slightly weakened (-3% to €2,812m) and net profit attributable to shareholders rose +18% to €1,387m. Operating CF was hit by a €1.5bn swing in NWC (€-1,248m after €309m), forced by a seasonal build-up in receivables, whereas funds has been released due to inventory reduction, especially in gas storage, and higher liabilities and provisions in Q1 15 bringing the CF down to €1,046m from €2,390m. Investing CF came in at €-1,258m (€-1,502m) benefiting from lower capex, which was above D/A. Financing CF swung from €-400m to €1,997m primarily due to the higher utilisation of the USD commercial paper programme and the issuance of a €200m euro bond. For FY 2016, management expects sales to be considerably below 2015 (due to the divestment and the lower oil & gas prices) and EBIT before one-offs to be slightly below the previous year, which is confirmation of the previous guidance.
Early steps of the value chain under pressure...
26 Feb 16
... and Oil&Gas put Q4 figures over the edge. Q4 sales clearly dropped 23% (prices: -11%; divestments: -19%) to €13,880m, but the gross profit margin strongly rose from 24.3% to 29.9%. EBITDA significantly declined by 34% to €1,893m and net income attributable to shareholders clearly deteriorated by 78% to €339m. Despite the much weaker operating performance, FY operating CF strongly rose +36% to €9,446m, fuelled by a €2.4bn swing in NWC (€1.0bn after €-1.4bn), stemming from lower inventories and receivables. Investing CF increased +16% to €-5,235m, seeing lower proceeds from the disposal of non-current assets and securities. Financing CF (€-3,673m after €-2,478m) faced a swing from net gross debt proceeds (€288m) to net gross debt repayments (€933m). Management proposes a €0.10 higher dividend (€2.90) per share at the next AGM on 29 April 2016. The expected dividend payment (~€2.9bn) reflects a pay-out ratio of >70%. For FY 2016, management expects sales to be considerably below 2015's (due to divestments and the lower oil & gas prices) and EBIT before one-offs to be slightly below the previous year's.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
06 Dec 16
Acal’s H117 results reflected the weaker demand that was previously flagged combined with positive FX trends. Design & Manufacturing (D&M) continues to grow as a proportion of total revenues and profits and management has raised its targets for this part of the business. The company continues to consider further acquisitions, recently increasing its debt facility to support its growth strategy. The outlook for FY17 is unchanged – based on H117 order inflow, H217 is expected to be stronger and we leave our earnings forecasts substantially unchanged.