Braskem is the world's leading biopolymers producer with its 200,000 tons Green PE plant that produces polyethylene from sugarcane-based ethanol. Braskem is Brazil's main producer of polyethylene, polypropylene and polyvinyl chloride – PVC, and is the leader in the US polypropylene market.
Cyborg Score Rationale
Net debt/EBITDA of 14.9x and ongoing Alagoas liabilities present severe financial stress. EPS for 12 months was -$1.17, indicating earnings challenges. Governance concerns remain despite recent shareholder agreements.
Top Insights
Highest-cost producer challenged by weak global petrochemical spreads despite operational scale
Potential ownership change underway: Petrobras waived rights allowing Novonor's stake transfer to Shine I FIDC, potentially easing shareholder structure and governance changes in Feb 2026
Brazil's new PRESIQ incentive program for chemical industry runs 2027-2031 with REIQ rate maintained at 0.73% for 2026
Ongoing Alagoas geological liability: company responsible for city sinking since 2018 affecting ~60,000 people
Named Competitors
SABIC — Saudi petrochemical giant with cost advantage from integrated oil & gas
LyondellBasell — Global chemical & plastic resins producer with diversified capacity
Huntsman — Specialty chemicals and petrochemicals manufacturer
Recent Developments
(February 2026) Petrobras waives preemptive rights allowing potential Novonor Braskem stake transfer
(January 2026) Braskem announces exclusivity agreement for potential change in control
(December 2025) Fitch downgrades Braskem to CC amid prolonged petrochemical downturn
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