Kannan D/iStock Editorial via Getty Images
- BASF (OTCQX:BASFY) +3% in European trading after saying it will launch a stock repurchase program of as much as €3B, citing positive business development and divestitures last year, Dow Jones reports.
- The company expects the program will begin this month and end by year-end 2023 at the latest.
- Jefferies says the buyback, BASF's first in more than 10 years, represents "a material positive for shareholders."
- BASF says it will continue to prioritize organic growth in the use of capital, while acquisitions are currently less relevant to its plans.
- Lagging BASF has "catch-up potential," as the stock is attractively valued and offers a yield of more than 5%, Seeking Early Retirement writes in a bullish analysis posted recently on Seeking Alpha.