BASF’s Q2 figures continued to benefit from a still strong (EBITDA margin: ~32%), but far less dynamic, Chemicals’ business and the recovery in oil prices (Brent: +48% yoy). The other divisions gave a mixed picture, but limited pricing power burdened profitability in the middle parts of the value chain (Performance Products was helped by a special situation). Figures broadly met our expectations, but consensus was not really met.
27 Jul 2018
Still strong, but the dynamics ran out of breath
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Still strong, but the dynamics ran out of breath
BASF’s Q2 figures continued to benefit from a still strong (EBITDA margin: ~32%), but far less dynamic, Chemicals’ business and the recovery in oil prices (Brent: +48% yoy). The other divisions gave a mixed picture, but limited pricing power burdened profitability in the middle parts of the value chain (Performance Products was helped by a special situation). Figures broadly met our expectations, but consensus was not really met.