OCI - Also selling IFCO and at a nice price
• Although we were not that enthusiastic about the price received for its 50% stake in Fertiglobe, we are positive on the price received for the sale of its Iowa fertilizer plant for a total EV of USD 3.6bn (we had USD 2.9bn). • There will be significant room for cash returns at OCI in the near future.• Our SOTP now arrives at EUR 29 p/s (was EUR 26 p/s) and we therefore upgrade from Hold to Buy.OCI produces and sells nitrogen based fertilizers and industrial chemicals. Co. offers a portfolio of nitrogen fertilizers and industrial chemicals, including anhydrous ammonia, granular urea, urea ammonium nitrate, calcium ammonium nitrate, methanol, and melamine for agricultural and industrial customers. Co. also provides engineering and construction services primarily with a focus on infrastructure, industrial, and highend commercial projects, such as conventional power and renewable energy, petrochemicals, oil and gas, water and wastewater, and transportation infrastructure in the United States, Europe, the Middle East, Africa, and Central Asia for public and private clients.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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