Analyst Note
| Rob Hales, CFA |Narrow-moat BASF reported first-quarter EBIT of EUR 2.8 billion, up 21% over 2021 and in line with the company’s prereleased figures on April 11. Despite the very strong start, BASF maintained 2022 guidance for EBIT of EUR 6.6 billion-EUR 7.2 billion given the macroeconomic uncertainty. We don’t expect to make a material change to our EUR 73 ($22) fair value estimate. At current levels, the shares look undervalued.