Original-Research: LANXESS AG (von Parmantier & Cie. GmbH): Buy

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Original-Research: LANXESS AG - from Parmantier & Cie. GmbH

06.10.2026 / 16:30 CET/CEST

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Classification of Parmantier & Cie. GmbH to LANXESS AG

Company Name: LANXESS AG

ISIN: DE0005470405

Reason for the research: Sector Study

Recommendation: Buy

from: 06.10.2026

Target price: EUR 21.00

Target price on sight of: 6 months

Last rating change: n/a

Analyst: René Parmantier

European Chemicals: The 2027 Cycle

A 76-page knowledge report and primer on the German chemicals sector

FRANKFURT AM MAIN, 6 October 2026 | Parmantier & Cie. Research announces

"European Chemicals: The 2027 Cycle", a final knowledge report and primer on

the German chemicals sector, comprising 76 content pages. The report

provides an analytical framework for institutional investors assessing

German chemical industrials within the wider European production and

competitive landscape. The report also sets out individual recommendations

and 12-month price targets for each covered company.

The central thesis is that the 2027 cycle may be shaped less by a simple

industrial rebound than by restructuring, operating leverage, capacity

rationalisation, portfolio separation, deleveraging and selective

consolidation. The analysis distinguishes temporary supply-driven earnings

support from a durable improvement in volumes, margins and cash generation.

Individual recommendations and 12-month price targets

Recommendations reproduced as published in the final report dated 6 October

2026. Price targets are in EUR.

Company Recommendation 12-month price target (EUR)

BASF Buy 59.00

Evonik Hold 20.50

LANXESS Buy (spec.) 21.00

Wacker Chemie Buy 106.00

SGL Carbon Buy (spec.) 5.40

K+S Hold 17.50

AlzChem Hold 140.00

Source: final Parmantier & Cie. report, cover recommendation table. The

report contains no Sell recommendation. "Buy (spec.)" retains the report's

speculative designation. Reference prices: XETRA closes of 1 October 2026.

German chemical industrials bring together cyclical earnings exposure and

structural questions about European production networks, energy costs,

global competition and capital allocation. Assessing that interaction

requires more than extrapolating a strong quarter or applying a uniform

valuation multiple to businesses with different competitive positions and

financing needs.

The report examines five connected themes:

* Energy and production competitiveness: relative energy and feedstock

costs, the timing of input-cost changes and the conditions under which a

temporary spread benefit could translate into sustainable operating

improvement.

* Chinese capacity and export pressure: the distinction between structural

cost advantages, excess capacity and changing export intensity, alongside

differences in product qualification, customer approvals and exposure to

import competition.

* Utilisation, operating leverage and self-help: how throughput and

fixed-cost absorption interact with restructuring programmes, working

capital, capital expenditure and free cash flow. The framework tests whether

reported earnings improvement is supported by recurring cash generation.

* Portfolio separation and balance-sheet repair: the relationship between

asset sales, spin-offs, IPOs, stranded costs and deleveraging. BASF's

Agricultural Solutions separation and IPO optionality provide a concrete

context for examining value realisation without assuming a completed listing

or predetermined proceeds.

* Selective consolidation and valuation dispersion: how acquisition

premiums, financing, integration costs and regulatory constraints affect

value creation, and why apparently low multiples may indicate either

recovery potential or a value trap.

The BASF-Evonik situation is examined as one important catalyst within this

broader framework. The report records a confirmed non-binding approach and

exploratory contacts, not an agreed or signed transaction; terms, financing

structure, synergies, timetable and completion remain uncertain. Media

reporting and hypothetical transaction routes are not presented as

company-confirmed facts.

The report is a primer and knowledge resource, not a simple sector-wide

bullish call or a promise of recovery. Its independent scenario analysis

explicitly separates company disclosures and documented corporate actions

from media reports, unconfirmed M&A scenarios and Parmantier & Cie.

assumptions, while setting out disconfirming evidence and risks including

adverse energy costs, renewed export pressure, weak cash conversion, delayed

separations and excessive acquisition leverage.

Institutional investors, portfolio managers, analysts, corporate strategists

and M&A professionals seeking the full report or a discussion of its sector

framework are invited to contact research@parmantiercie.com. Enquiries may

also address deep-dive stock and sector research and short-term idea

generation. Access and distribution are subject to applicable

investor-classification, jurisdictional, compliance and regulatory

requirements.

Source: Parmantier & Cie. Research, European Chemicals: The 2027 Cycle, 6

October 2026. Prepared exclusively from the final report; information

cut-offs and evidence labels are set out there. Page count: 76 content

pages, excluding the cover and one blank page; the supplied PDF contains 78

pages.

This press release is a marketing summary of the full research report and

does not provide a complete representation of its investment conclusions,

risks, valuation methodologies, disclosures or regulatory information. It is

not personalised investment advice, an offer or a solicitation to buy or

sell securities. Analytical assumptions, forecasts and transaction scenarios

are not confirmed outcomes or guarantees. Readers should consult the full

report, including its legal notice and conflicts disclosures. Access and

distribution are subject to applicable investor-classification,

jurisdictional, compliance and regulatory requirements. Parmantier & Cie.

Research and/or its affiliates and employees may hold positions in the

securities discussed; the full report contains the conflicts disclosures.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=c816404fac5f4a72e81287c71950db9b

Contact for questions:

PARMANTIER & CIE. GmbH

Hungener Str. 6

60389 Frankfurt am Main

E-Mail: info@parmantiercie.com

Web: www.parmantiercie.com

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