Berenberg cuts OCI as divestment plan driven upside already priced in

OCI

06/06/2025 09:36

** Berenberg downgrades OCI OCI.AS to "hold" from "buy" and slashes its PT by 40.4% to EUR 8.70, saying the divestment-driven upside is largely priced in

** The broker notes the Dutch chemicals makers' strategic review has already returned about $4.4 billion to shareholders and foresees limited value remaining after planned disposals are completed

** Shares in OCI slip 4%

** Following the shareholder approval in May, OCI is authorised to repurchase and cancel up to 30% of its share capital, with another $1 billion payout expected post-sale of its methanol business to Methanex in H1 2025

** Once done, Berenberg expects a likely tender offer from OCI's majority shareholder, Sawiris family, possibly at a small premium

 (Reporting by Johan Bodinier)

 ((Johangeorgesroger.bodinier@thomsonreuters.com))