BASF’s Q4 figures were stronger than expected, especially Chemicals were a positive surprise (top-line and earnings) after Covestro’s weak Q4 figures. Agricultural Solutions were clearly below our expectation. Consensus was not met on the earnings level. The good news is that one could have earned money at the early steps of the chemical value chain, and Functional Materials & Solutions looks to be on some kind of recovery.
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Agro's unexpected weakness
BASF’s Q4 figures were stronger than expected, especially Chemicals were a positive surprise (top-line and earnings) after Covestro’s weak Q4 figures. Agricultural Solutions were clearly below our expectation. Consensus was not met on the earnings level. The good news is that one could have earned money at the early steps of the chemical value chain, and Functional Materials & Solutions looks to be on some kind of recovery.