from BASF SE (ETR:BAS)
Original-Research: BASF SE (von Parmantier & Cie. GmbH): Buy
Original-Research: BASF SE - from Parmantier & Cie. GmbH
28.10.2026 / 14:00 CET/CEST
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Classification of Parmantier & Cie. GmbH to BASF SE
| Company Name: | BASF SE |
| ISIN: | DE000BASF111 |
| Reason for the research: | Update |
| Recommendation: | Buy |
| from: | 28.10.2026 |
| Target price: | EUR 61.00 |
| Target price on sight of: | 3-6 months |
| Last rating change: | n/a |
| Analyst: | René Parmantier |
BASF CEO Markus Kamieth: “The timing is right”
Management’s consolidation message underpins Parmantier & Cie.’s positive BASF–Evonik investment case
Frankfurt am Main, 28 October 2026. BASF CEO Markus Kamieth’s statement that the timing is right for European chemicals consolidation reinforces Parmantier & Cie.’s view that a BASF–Evonik combination could create a stronger global specialty-chemicals platform.
Three investment highlights
Strong Q3: BASF’s EBITDA before special items increased 14.9% to €1.64bn; core-business EBITDA rose 48.9% to €1.63bn. Full-year EBITDA guidance increased to €7.4–7.8bn.
Compelling combination potential: Parmantier’s illustrative 2029 scenario delivers approximately €11.8bn combined EBITDA and around 2x net debt/EBITDA, including pensions, potentially creating further acquisition flexibility subject to cash generation and credit discipline.
Agricultural Solutions: The €27.3bn base-case enterprise valuation offers substantial portfolio and deleveraging potential.
Recommendations remain BASF Buy, target €61; Evonik Hold, target €21.
Kamieth also reaffirmed financial discipline and that acquisitions are optional, not mandatory. His remarks support the strategic thesis, not confirmation of a transaction.
Research: Stefan Heieck and René Parmantier
This release summarises independent research. Combination and IPO scenarios are analyst assumptions, not agreed transactions or company guidance. Methodology, recommendation history and regulatory disclosures are contained in the full study “BASF & Evonik: True Love”, dated 28 October 2026. Not an offer or personalised investment advice.
You can download the research here: Parmantier_BASF_Evonik_True_Love_Q3_EN_2026-10-28
Contact for questions:
René Parmantier | Parmantier & Cie. GmbH | rp@parmantiercie.com
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2423860 28.10.2026 CET/CEST