OCI - Returning half of its market cap
• The Q4-23 EBITDA was broadly in line with expectations. • Following closing of 2 multi-billion dollar deals, OCI will return more than USD 3bn in cash to shareholders (>EUR 13 p/s), which is roughly half its market cap. • We reiterate our Buy and raise our TP to EUR 31 p/s (was EUR 29 p/s), which is based on our SOTP with still a 5% discount (was 10%) 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.
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