Deutsche Bank sees Iran war to impact EU chemicals long-term

Brenntag SE

24/03/2026 08:35

** Deutsche Bank says European chemicals companies might see a long-lasting impact from the situation in the Middle East and expects no swift normalisation for the sector

   ** "While we recognise that the situation could change rapidly, for the better or the worse, we view a swift normalisation as improbable," the broker says

** DB says it is impossible to assess the net impact of the conflict at this stage, adding that a wide range of outcomes remain possible for now

** It expects that the conflict will have relatively long-lasting consequences for European chemicals, both negative with cost and demand headwinds, and positive with reduced oversupply and competitive pressures

** DB cuts AkzoNobel AKZO.AS and Givaudan GIVN.S to "hold" from "buy", as it upgrades Wacker Chemie WCHG.DE to "hold" from "sell"

** It also raises BASF BASFn.DE, Umicore UMI.BR and Brenntag BNRGn.DE to "buy" from "hold"

** Brenntag, BASF, Wacker Chemie and Umicore shares are up between 1.3% and 1.8%, while AkzoNobel and Givaudan remain flat

COMPANY
RATING
OLD RATING
PT
OLD PT
AkzoNobel
Hold
Buy
EUR 55
EUR 68
Givaudan
Hold
Buy
CHF 3000
CHF 3750
Wacker Chemie
Hold
Sell
EUR 68
EUR 59
BASF
Buy
Hold
EUR 55
EUR 45
Umicore
Buy
Hold
EUR 17.2
EUR 16
Brenntag
Buy
Hold
EUR 57
EUR 46

 (Reporting by Ozan Ergenay)

 ((ozan.ergenay@thomsonreuters.com))