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BASIC INDUSTRIES: BASF (BASGR A3/A-/A): Preliminary Results

BASIC INDUSTRIES

Neutral for spreads.

  • BASF reported preliminary FY24 results late on Friday. 4Q revenue is expected to be 2% ahead of consensus.
  • Preliminary 4Q adj. EBITDA is 2% below expectations. FY at €7.9bn misses guidance of the low-end of €8-8.6bn range.
  • FY24 FCF is expected to be €0.7bn, with €0.6bn expected. CFO is expected to miss consensus, outweighed by lower-than-expected capex.
  • Special items adjustments to EBIT as expected to be €330mn above consensus, with impairments mainly on battery materials.
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Neutral for spreads.

  • BASF reported preliminary FY24 results late on Friday. 4Q revenue is expected to be 2% ahead of consensus.
  • Preliminary 4Q adj. EBITDA is 2% below expectations. FY at €7.9bn misses guidance of the low-end of €8-8.6bn range.
  • FY24 FCF is expected to be €0.7bn, with €0.6bn expected. CFO is expected to miss consensus, outweighed by lower-than-expected capex.
  • Special items adjustments to EBIT as expected to be €330mn above consensus, with impairments mainly on battery materials.