OCI - Cash returns are coming up
• The Q1-24 EBITDA was somewhat below our expectations, partly due to gas hedge losses. • The first EUR 4.50 p/s cash return is likely to come in the coming months and we expect two more returns to follow. Strategic review ongoing. • We stick to our Buy rating and TP of EUR 31 p/s, based on our SOTP.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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