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 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 | rp@parmantiercie.com

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2423860 28.10.2026 CET/CEST

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