BASF to cut dividend for next four years, shed non-core assets in overhaul

seekingalpha09-26

BASF (OTCQX:BASFY) -2.7% in Frankfurt trading Thursday after cutting its dividend and raising the possibility of splitting off some businesses, in a broad corporate overhaul that could include further...

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New CEO Markus Kamieth outlined plans to sharpen BASF's (OTCQX:BASFY) focus on its core operations and said the company will consider options for non-core businesses including battery materials, coatings and environmental catalyst, and metal solutions. The new measures also include preparing for a possible listing of its agricultural unit, which makes crop protection products such as herbicides and fungicides, and reported ~€10B ($11.1B) in sales last year. In addition to its portfolio adjustments, BASF (OTCQX:BASFY) said it plans to pay out an annual dividend of at least €2.25/share during 2025-28, down from €3.40/share it paid for 2023. The company anticipates an aggregate dividend payment of ~€8B in the four-year period, while buybacks are expected to total ~€4B. BASF (OTCQX:BASFY) said it forecasts EBITDA before special items of €10B-€12B in 2028, compared to €7.67B earned in 2023, and more than €12B in cumulative free cash flow during 2025-28 while reducing capital spending below depreciation from 2026, after a complex it is building in China begins operations. The company said it is evaluating additional cost-cutting measures at its flagship Ludwigshafen site in Germany. \"Whilst its 2028 earnings targets are broadly in line with consensus, the reliance on mid/upcycle conditions with limited visibility in conjunction with the extent of the dividend reduction is likely to disappoint,\" Jefferies analysts said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2470078031"}