OCI - Q2 in line, strategic review still ongoing
• Q2-23 EBITDA was virtually in line with our expectations which had already been lowered to reflect the lower fertilizer (and methanol) prices. • No material changes in our estimates anticipated. Strategic review still ongoing.• Hold maintained, TP slightly increased from EUR 25 to EUR 26, based on 2024E SOTP, driven by recent uptick in share price of Fertiglobe.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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