Basf SE

BAS: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€48.00	Njrwsdq	Nfzqldvx

BASF Earnings: Decelerating Customer Destocking Indicates End-Market Recovery Is Forthcoming

Katherine Olexa

Nov 1, 2023

Narrow-moat BASF posted third-quarter results that reflect continued challenges from a sluggish global macroeconomic environment, as demand across end markets and geographies remains suppressed. Total sales declined 28% year over year and 9% sequentially, while firmwide EBITDA margin contracted 160 and 240 basis points over the same periods, respectively. Repressed volume demand and unfavorable pricing dynamics were key hindrances this quarter, exacerbated by unplanned downtime for two crackers in September.

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