Atlantic Equities - Nutrien (NTR) Improving fundamentals + merger benefits

Report

Atlantic Equities

Colin Isaac

Improving fundamentals + merger benefits

Q218 beat and FY18 EPS/EBITDA guidance raised on improving momentum in N/K prices and impressive delivery of merger synergies.

02/08/2018 4 EN

Underlying

Nutrien

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Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

See profile

Analysts

Colin Isaac

Other Reports on these Companies

Atlantic Equities

Materials: Dropping Coverage

Effective immediately we are discontinuing coverage of Air Products (APD), CF Industries (CF), DowDuPont (DWDP), LyondellBasell (LYB), Mosaic (MOS), Nutrien (NTR) and Praxair (PX) following the departure of the sector analyst. Going forward, investors should not rely on our previously published notes, ratings, price targets or estimates for the above companies as they will not be updated following the discontinuation of coverage.

August 30, 2018 August 30, 2018 3 EN

Atlantic Equities

Ag sector momentum stalls into Q3

Nutrien remains our preferred Ag play as merger synergies and cash return potential provide upside beyond further increases in commodity prices.

July 31, 2018 July 31, 2018 15 EN

Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

October 1, 2018 October 1, 2018 5 EN

Kunaal Malde ... (+2)

Kunaal Malde
CFA

V/MA: strong core, adjacencies more competitive

V/MA remain core long term holdings with secular cash to card tailwinds driving strong growth long term, supported by developments such as contactless. Valuation remains reasonable, although newer growth areas such as B2B face greater competition. We remain Overweight V/MA, raise our price targets to $173 and $250 respectively and currently favour V which trades on a PE of 28x, three turns lower than MA.

October 1, 2018 October 1, 2018 17 EN

John Heagerty ... (+3)

John Heagerty
Nadja Heini
CFA

Banks: Trading update and 3Q18 preview

Market volatility has moderated significantly since the beginning of the year, ceasing to be a tailwind for the banks' trading revenues in 3Q18. Despite the strong IB pipelines (announced M&A is up 40% YTD), fee pools have been affected by timing issues and are down 15-20% across the industry for the current quarter. Medium term, the outlook remains positive thanks to improving GDP growth, benign credit conditions, rising interest rates and a deregulatory focus. We have lowered our 3Q18 EPS estimates by 3% on average. Our longer term forecasts decline only modestly by 1%. C remains our t...

September 27, 2018 September 27, 2018 14 EN

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Improving fundamentals + merger benefits

Materials: Dropping Coverage

Ag sector momentum stalls into Q3

Model update

V/MA: strong core, adjacencies more competitive

Banks: Trading update and 3Q18 preview

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