Original-Research: BASF SE (von Parmantier & Cie. GmbH): Buy

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 EUR1.64bn;
core-business EBITDA rose 48.9% to EUR1.63bn. Full-year EBITDA guidance
increased to EUR7.4-7.8bn.



Compelling combination potential: Parmantier's illustrative 2029 scenario
delivers approximately EUR11.8bn 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 EUR27.3bn base-case enterprise valuation offers
substantial portfolio and deleveraging potential.



Recommendations remain BASF Buy, target EUR61; Evonik Hold, target EUR21.



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:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f80acdddaf7c2755503d436d0dd919c4



Contact for questions:
René Parmantier | Parmantier & Cie. GmbH | [e-mail]



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2423860 28.10.2026 CET/CEST