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MarketScreener Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  GMK Noril'skiy nikel' PAO    GMKN   RU0007288411

GMK NORIL'SKIY NIKEL' PAO

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BASF's next battery chemical investment likely in Germany - CEO in Manager Magazin

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10/24/2019 | 08:48am EST
FILE PHOTO: The chemical company BASF building in Levallois-Perret is seen at sunset

FRANKFURT (Reuters) - Germany's BASF will likely pick Germany as the site for its next plant to produce chemicals for batteries used in electric cars, the group's CEO told Manager Magazin.

BASF is building a factory to make cathode materials for batteries in Harjavalta, Finland, close to a nickel and cobalt refinery of raw materials partner Norilsk Nickel.

This is part of a larger 400 million euro (£345 million) investment plan to serve the European market for batteries that go into electric and hybrid vehicles.

BASF has said it was assessing several European locations for follow-up investments, including Schwarzheide in eastern Germany, under that plan.

"We will likely erect the second production step in the value chain ... in Germany, but this decision has not been taken yet," Chief Executive Martin Brudermueller told the monthly magazine in an interview published on Thursday.

He also said that BASF expects the overall market for cathode materials to be worth between 25 billion euros and 30 billion by 2025.

BASF is competing with Europe's Umicore and Johnson Matthey as well as with a range of Chinese suppliers including Beijing Easpring and Ningbo Shanshan.

Earlier on Thursday, Brudermueller said on a conference call on third-quarter earnings that the company would publish further details on its battery chemical investment plans in Europe later this year or early 2020.

(Reporting by Ludwig Burger; Editing by David Holmes)

Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.62% 68.18 Delayed Quote.13.06%
BEIJING EASPRING MATERIAL TECHGY CO LTD End-of-day quote.
GMK NORIL'SKIY NIKEL' PAO End-of-day quote.
JOHNSON MATTHEY PLC 0.68% 2802.9775 Delayed Quote.0.25%
LME NICKEL CASH 1.94% 13420 End-of-day quote.28.54%
NINGBO SHANSHAN CO.,LTD. 0.50% 12.06 End-of-day quote.-7.12%
UMICORE 0.00% 40.2 Delayed Quote.15.32%
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Financials (USD)
Sales 2019 13 052 M
EBIT 2019 6 683 M
Net income 2019 5 040 M
Debt 2019 7 328 M
Yield 2019 9,60%
P/E ratio 2019 8,99x
P/E ratio 2020 8,40x
EV / Sales2019 4,00x
EV / Sales2020 3,76x
Capitalization 44 942 M
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 28,44  $
Last Close Price 28,40  $
Spread / Highest target 23,2%
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Spread / Lowest Target -26,1%
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NameTitle
Vladimir Olegovich Potanin President & Chairman-Management Board
Gareth Peter H. Penny Non-Executive Chairman
Sergey Nikolaevich Dyachenko Chief Operating Officer & First Vice President
Sergey Gennadyevich Malyshev Chief Financial Officer & Senior Vice President
Maxim Mikhailovich Sokov Non-Executive Director