Wacker Chemie

Wacker Chemie, based in Munich, is a chemicals group with strong positions in silicones, polymers and the ultra-pure polysilicon used to make solar panels and computer chips. That gives it exposure to both steady industrial demand and the more volatile solar and semiconductor cycles. Wacker has a long dividend history and often ties the payout to profits, so it has swung from generous in boom years to leaner when polysilicon and chemical prices fall. The yield can look attractive, but the payout depends heavily on cyclical end markets rather than on steady growth.