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BASIC INDUSTRIES: BASF (BASGR A3/A-/A): Potential Changes

BASIC INDUSTRIES
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Potential medium term positive.

  • With a new CEO in place, Bloomberg reports on details of the upcoming investor day.
  • According to the report, Agricultural Chemicals will be prepared for a future IPO. It was announced last year that the division would be made legally independent by 2026.
  • It will also consider options for some Coatings businesses and Battery Materials.
  • The article mentions a potential Agri valuation of €20bn, just below 9x EBITDA.
  • With €21bn in adj. net debt at FY23, leverage could come down to less than 0.5x on that. We would expect some proceeds to go to shareholder returns and investors; the article mentions strengthening the balance sheet with proceeds so it would still likely be a meaningful deleveraging event. 
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Potential medium term positive.

  • With a new CEO in place, Bloomberg reports on details of the upcoming investor day.
  • According to the report, Agricultural Chemicals will be prepared for a future IPO. It was announced last year that the division would be made legally independent by 2026.
  • It will also consider options for some Coatings businesses and Battery Materials.
  • The article mentions a potential Agri valuation of €20bn, just below 9x EBITDA.
  • With €21bn in adj. net debt at FY23, leverage could come down to less than 0.5x on that. We would expect some proceeds to go to shareholder returns and investors; the article mentions strengthening the balance sheet with proceeds so it would still likely be a meaningful deleveraging event.