OCI - Major deals mean major cash returns
Following two multi-billion dollar deals, we estimate OCI will move a to an estimated net cash position of >USD 4.5bn by end 2024E, which is already close to 80% if its current market cap. We estimate that the majority of this cash will be returned to shareholders in 2024, with the remainder re-invested in new clean fuels projects. We reiterate our Buy with a TP of EUR 29 p/s, based on our SOTP with a conservative 10% discount to reflect risks on deals and re-investments.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.