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Posted by
Two Blokes May 17 -
Filed in
Stock
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2 views
European chemicals volumes are bottoming out, and better utilization rates should support margin recovery. We believe BASF needs an EU turnaround to lower its production costs. BASF's growth in China is expected to improve its global cost position, but the company highlighted tough margins in the region. It is hard to anticipate the upfront disposal proceeds. With higher leverage compared to peers, we do not assume a buyback. We confirm our neutral view.
