FRANKFURT (dpa-AFX) - A robust business trend in the first quarter that is coming to an end helped Wacker Chemie shares to make significant gains on Tuesday. The shares of the specialty chemicals company and solar supplier jumped above the moving 90-day line, which is one of the medium-term trend indicators and currently stands at EUR 107.

In the early afternoon, the share price rose by 5.5 percent to 109.45 euros, making it one of the favorites in the MDax. At over 113 euros at times in the morning, the shares had even almost recouped their losses for the year to date for a short time. The recent recovery from the multi-year low of just over 90 euros in mid-January thus continued.

Analysts unanimously referred to management's statements on the first quarter of 2024 when the detailed annual figures for 2023 were presented. JPMorgan expert Chetan Udeshi, for example, wrote that the operating profit forecast for the first three months of 2024 was almost 50 percent above his own estimate and almost 20 percent above the average analyst estimate.

Udeshi wrote that Wacker is assuming a higher quarter-on-quarter operating result (EBITDA) in the silicones, polymers and polysilicon divisions. The estimate also reflects a stronger order intake in the first quarter, especially in the silicones division. He therefore assumes that analysts and investors will consider the mid-point of the annual EBITDA target range of EUR 600 to 800 million to be conservative.

Analyst Andreas Heine from the investment bank Stifel expressed a similar view. Wacker's outlook for the year sounds cautious, but the statements for the current quarter are promising, he noted. Heine also referred to the specialty chemicals group's balance sheet. It will remain strong in view of the low net debt, even if the free cash inflow will be negative in the current year, he emphasized./ck/mis/tih