Financials BASF SE

Equities

BAS

DE000BASF111

Diversified Chemicals

Market Closed - Xetra Other stock markets 11:35:46 2024-02-09 am EST			5-day change	1st Jan Change
44.02 ^EUR	-1.53%		-1.48%	-9.76%

Feb. 10	News Highlights: Top Company News of the Day - Friday at 7 PM ET	DJ
Feb. 09	News Highlights : Top Company News of the Day - Friday at 5 PM ET	DJ

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	55,476	61,860	59,444	56,744	41,497	39,289	39,289	-
Enterprise Value (EV) ¹	73,673	77,366	74,121	71,096	57,765	56,135	57,249	58,208
P/E ratio	11.8 x	7.34 x	-56.3 x	10.3 x	-66.3 x	16.5 x	14.1 x	11.4 x
Yield	5.3%	4.9%	5.1%	5.5%	7.33%	7.72%	7.64%	7.65%
Capitalization / Revenue	0.89 x	1.04 x	1 x	0.72 x	0.48 x	0.56 x	0.56 x	0.53 x
EV / Revenue	1.18 x	1.3 x	1.25 x	0.9 x	0.66 x	0.8 x	0.81 x	0.79 x
EV / EBITDA	7.77 x	9.42 x	9.97 x	6.27 x	5.37 x	7.41 x	6.96 x	6.22 x
EV / FCF	18.2 x	21.2 x	32.5 x	19.1 x	17.3 x	19.3 x	25.7 x	21.7 x
FCF Yield	5.49%	4.72%	3.08%	5.22%	5.77%	5.17%	3.89%	4.6%
Price to Book	1.58 x	1.49 x	1.76 x	1.39 x	1.05 x	1.03 x	1.04 x	1.03 x
Nbr of stocks (in thousands)	918,479	918,479	918,479	918,479	894,516	892,522	892,522	-
Reference price ²	60.40	67.35	64.72	61.78	46.39	44.02	44.02	44.02
Announcement Date	2/26/19	2/28/20	2/26/21	2/25/22	2/24/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	62,675	59,316	59,149	78,598	87,327	69,863	70,331	73,538
EBITDA ¹	9,481	8,217	7,435	11,348	10,762	7,575	8,225	9,357
EBIT ¹	6,353	4,536	3,560	7,768	6,878	3,874	4,491	5,472
Operating Margin	10.14%	7.65%	6.02%	9.88%	7.88%	5.55%	6.39%	7.44%
Earnings before Tax (EBT) ¹	5,288	3,302	-1,562	7,448	1,190	2,919	3,609	4,606
Net income ¹	4,707	8,421	-1,060	5,523	-627	2,492	2,888	3,587
Net margin	7.51%	14.2%	-1.79%	7.03%	-0.72%	3.57%	4.11%	4.88%
EPS ²	5.110	9.170	-1.150000	6.010	-0.700000	2.676	3.131	3.874
Free Cash Flow ¹	4,045	3,650	2,284	3,713	3,333	2,901	2,225	2,678
FCF margin	6.45%	6.15%	3.86%	4.72%	3.82%	4.15%	3.16%	3.64%
FCF Conversion (EBITDA)	42.66%	44.42%	30.72%	32.72%	30.97%	38.3%	27.05%	28.63%
FCF Conversion (Net income)	85.94%	43.34%	-	67.23%	-	116.42%	77.03%	74.67%
Dividend per Share ²	3.200	3.300	3.300	3.400	3.400	3.400	3.362	3.369
Announcement Date	2/26/19	2/28/20	2/26/21	2/25/22	2/24/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	19,753	19,669	19,776	23,083	22,974	21,946	19,323	19,991	17,305	15,735	17,108	17,524	17,031	17,247	19,490
EBITDA ¹	2,992	2,771	2,179	3,743	3,293	2,325	1,401	2,864	1,908	1,545	1,456	2,604	1,945	2,047	2,480
EBIT ¹	2,355	1,865	1,227	2,818	2,339	1,348	373	1,931	1,007	575	371.2	1,623	950.1	1,036	1,461
Operating Margin	11.92%	9.48%	6.2%	12.21%	10.18%	6.14%	1.93%	9.66%	5.82%	3.65%	2.17%	9.26%	5.58%	6.01%	7.5%
Earnings before Tax (EBT) ¹	2,189	1,777	1,235	1,878	2,658	1,239	-4,585	1,930	851	38	327	-	-	-	-
Net income ¹	1,654	1,253	898	1,221	2,090	909	-4,847	1,562	499	249	227	-	-	-	-
Net margin	8.37%	6.37%	4.54%	5.29%	9.1%	4.14%	-25.08%	7.81%	2.88%	1.58%	1.33%	-	-	-	-
EPS ²	1.800	1.360	0.9800	1.340	2.310	1.010	-5.420000	1.750	0.5600	0.2800	0.2500	-	-	-	-
Dividend per Share ²	-	-	3.400	-	-	-	3.400	-	-	-	1.700	-	-	-	3.400
Announcement Date	7/28/21	10/27/21	2/25/22	4/29/22	7/27/22	10/26/22	2/24/23	4/27/23	7/28/23	10/31/23	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	18,197	15,506	14,677	14,352	16,268	16,846	17,960	18,919
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.919 x	1.887 x	1.974 x	1.265 x	1.512 x	2.224 x	2.184 x	2.022 x
Free Cash Flow ¹	4,045	3,650	2,284	3,713	3,333	2,901	2,225	2,679
ROE (net income / shareholders' equity)	14.1%	21.6%	-2.5%	14.8%	15.6%	6.49%	7.57%	9.64%
ROA (Net income/ Total Assets)	7.1%	9.71%	-1.27%	6.59%	-0.73%	3.14%	3.18%	4.5%
Assets ¹	66,296	86,753	83,623	83,834	85,926	79,453	90,700	79,726
Book Value Per Share ²	38.20	45.20	36.70	44.40	44.30	42.80	42.40	42.70
Cash Flow per Share ²	8.650	8.140	5.880	7.890	8.620	8.690	8.330	8.210
Capex ¹	3,894	3,824	3,129	3,532	4,375	5,280	5,936	5,347
Capex / Sales	6.21%	6.45%	5.29%	4.49%	5.01%	7.56%	8.44%	7.27%
Announcement Date	2/26/19	2/28/20	2/26/21	2/25/22	2/24/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BASF SE

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

44.02 EUR

Average target price

49.05 EUR

Spread / Average Target

+11.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Diversified Chemicals

	1st Jan change	Capi.
BASF SE	-9.76%	42 364 M $
SHIN-ETSU CHEMICAL CO., LTD.	-0.24%	77 991 M $
DUPONT DE NEMOURS, INC.	-12.02%	29 110 M $
PIDILITE INDUSTRIES LIMITED	-2.10%	16 285 M $
BRENNTAG SE	-5.14%	12 459 M $
EASTMAN CHEMICAL COMPANY	-8.33%	9 658 M $
ASAHI KASEI CORPORATION	-1.01%	9 547 M $
SYENSQO SA/NV	-11.54%	9 519 M $
SRF LIMITED	-7.30%	8 209 M $
MITSUBISHI CHEMICAL GROUP CORPORATION	-3.06%	7 979 M $

Diversified Chemicals