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BASF

Chemicals (26% FY17 sales and 40% FY17 EBITDA) consists of Petrochemicals (39% FY17 sales), Monomers (43% FY17 sales) and Intermediates (18% FY17 sales). Functional Materials & Solutions (34% FY17 sales and 17% FY17 EBITDA) consists of Catalysts (32% FY17 sales), Construction Chemicals (12% FY17 Sales), Coatings (19% FY17 sales) and Performance Materials (37% FY17 sales). Performance Products (26% FY17 sales, 18% FY17 EBITDA) consists of Dispersions & Pigments (33% FY17 sales), Care Chemicals (31% FY17 sales), Nutrition & Health (11% FY17 sales) and Performance Chemicals (24% FY17 sales). Agricultural Solutions (9% FY17 sales, 10% FY1 EBITDA) BASF Agricultural Solutions manufactures fungicides, herbacides, insecticides & crop treatment products. BASF Agricultural Solutions consists of BASF Fungicides (41% FY17 sales) and Herbacides (42% FY17 sales) with Insecticides (12% FY17 sales) and Functional Crop Care (5% FY17 sales) rounding out the business. Oil & Gas (5% FY17 sales, 15% FY17 EBITDA). (05 Jul 2018)

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2018 Euro IG Conference: Basic Industries

Transcript: 11 Dec 2018, 9:03 PM ET - In this article, we transcribe our presentation on European Basics from CreditSights' recent European Investment Grade / Crossover Conference
Focused

BASF: Cuts Full Year Profit Forecast

Worth Watching: 09 Dec 2018, 10:07 PM ET - BASF (A1/A) announced that based on the earnings data for November 2018, the company now expects a 15% to 20% decline in its full year EBIT (before special items) relative to prior year (FY17: €7.65 bn). The company cited considerably lower isocya ..
Focused

BASF: Reveals New Strategy at Capital Markets Day

Worth Watching: 20 Nov 2018, 1:38 PM ET - BASF announced a new strategy during its Capital Markets Day One held on November 20. The new strategy will be geared towards volumes and sales growth with a specific emphasis on organic growth through increased customer focus and tailor made offe ..
Focused

BASF 3Q18: Persistent Headwinds Damper Earnings

Earnings Note: 30 Oct 2018, 3:52 PM ET - We maintain an Underperform recommendation on BASF  amid increasing operating pressure in the near-term. 

Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

BASF 2Q18: Disappointing Quarter on Cost & FX

Earnings Note: 29 Jul 2018, 10:48 PM ET - BASF reported a rather lacklustre quarter as currency headwinds, input cost inflation and start-up and maintenance-related costs more than offset price and volume gains. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Bayer: Monsanto Transaction Approved by China

Worth Watching: 15 Mar 2018, 5:23 AM ET - Bayer 's (A3/A-) acquisition of Monsanto (A3/BBB) draws closer as China's Commerce Ministry has approved the deal. With its approval, China joins roughly half of the regulatory bodies with which the two parties have filed in approving the transa ..

Bayer 4Q17: Widespread Weakness, Merger Set For 2Q

Earnings Note: 06 Mar 2018, 3:27 AM ET - Bayer had a tough quarter with margin compression in almost all segments as Euro strength and Consumer Health weakness dragged on results. Meanwhile, management updated the market on the pending Monsanto Transaction.
Focused

BASF 4Q17: Isocyanates Lead to Peak Margins?

Earnings Note: 01 Mar 2018, 11:30 PM ET -  BASF's Chemical segment truly shone bright in 2017, driving results for the company. That said, we expect oncoming Isocyanates capacity to lead to margin normalization for the company in the medium term.

Bayer: Monsanto Merger Approved in Brazil

Worth Watching: 07 Feb 2018, 11:03 PM ET - Bayer (A3/A-) and Monsato's (A3/BBB) proposed merger is closer to becoming a reality after Brazilian regulatory agency CADE conditionally approved the proposed merger between the two parties without further remedies on Wednesday. Four out of six ..

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.
Focused

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

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