Brenntag SE distributes chemicals and ingredients in Germany, the United States, the United Kingdom, China, Canada, Italy, Poland, France, and internationally.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price13.74 USD
Fair value11.26Our model only; only one analyst covers it, too few to cross-check it.
Ethical score70.0/100
Value readOvervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-21Read Accumulation14.37-4.4% to today Markdown gives way to Accumulation after an 8% rise in 3 weeks
2026-10-02Read Markdown13.34+3.0% to today Accumulation gives way to Markdown after a 10% slide in 6 weeks
2026-08-23Read Accumulation14.84-7.4% to today Distribution gives way to Accumulation after a 15% rise in 7 weeks
2026-07-02Read Distribution12.94+6.2% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Brenntag SE holds its Accumulation at $13.74. The statistical read favours the buyers, held for 2 days.
As held on the ledger · 2026-11-06
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 2 days
Price at the screen
$13.74
Valuation
23.78 trailing · 12.49 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.50
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
32.01%
Below 33%
Interest-bearing debt is just 32.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
7.75%
Below 33%
Cash held in interest-bearing accounts and securities is 7.7% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.10%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Brenntag SE clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 32%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Get an email when BNTGY's ethical verdict changes
Today BNTGY passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; only one analyst covers it, too few to cross-check it.
Our analysis reads Overvalued vs our fair value, as of 6 Nov 2026: it trades above our $11.26 fair value estimate, weak competitive moat, 10.20% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 22.0% above the base estimate.
Reading the gap · Both our model and the Street see limited upside at this price.
Where our models see it going: fair-value estimate $11.26, with a range of $11.26 to $12.95, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Chemicals distributor faces slowing demand cycle
Picture a warehouse full of solvents and additives waiting for factories that have hit the brakes. Brenntag moves those ingredients across borders, yet revenue is already down ten percent and margins sit at just two percent. The forward multiple of 11.9 times looks cheap until you remember earnings in this business peak when volumes are strong and collapse when they are not.
We pass for now. Return on equity of five percent and a weak moat show a business that struggles to earn its cost of capital through the cycle. The negative margin of safety against our fair value only widens the gap between quoted price and sustainable cash generation.
A single analyst target near the current level offers little comfort when volumes remain tied to industrial output. Low multiples in cyclical distribution often mark the start of mean reversion rather than a bargain. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Germany and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BNTGY trades on PNK (the company is based in Germany). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-02Accumulation$14.07-2.1%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading bullish. Over the past year the shares are down 6%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (1 analysts) rates it hold, with a mean price target of $13.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading overbought. Over the past year the shares are down 6%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (1 analysts) rates it hold, with a mean price target of $13.
2026-10-14Markdown$13.88+4.0%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 4.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 6%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (1 analysts) rates it hold, with a mean price target of $13.
2026-10-02Markdown · changed$13.34-10.1%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 6%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (1 analysts) rates it hold, with a mean price target of $13.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 9.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 6%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (1 analysts) rates it hold, with a mean price target of $13.
2026-07-23Distribution$13.59+5.0%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 5.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 6%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (1 analysts) rates it hold, with a mean price target of $13.
2026-07-18Distribution$12.94+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are down 6%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (1 analysts) rates it hold, with a mean price target of $13.
2026-07-03Distribution$12.94+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Distribution$12.94Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
