Degroof Petercam - OCI NV (OCI) OCI - Selling Fertigobe stake, but not at a great price

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Degroof Petercam

Frank Claassen

OCI - Selling Fertigobe stake, but not at a great price

• OCI will sell its entire 50% stake in Fertiglobe to Adnoc for USD 3.6bn. Although it is a good step in simplifying its structure, the price received is not great in our view. • The 18% share price jump of last Thursday, following rumors on a full-takeover of OCI, was almost completely reversed on this news last Friday. • Our SOTP still arrives at EUR 26 p/s and we stick to Hold as we see limited triggers following this news, also as price momentum for nitrogen fertilizers and methanol have weakened lately.

18/12/2023 1 EN

Underlying

OCI NV

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.

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NL0010558797 Euronext Amsterdam Netherlands

Provider

Degroof Petercam

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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Analysts

Frank Claassen

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OCI - Selling Fertigobe stake, but not at a great price

OCI N.V./Model update ahead of 1Q24/BUY

ING Benelux Favourites/Weekly performance and valuation update

REVISED VERSION Benelux Morning Notes - to include ABN Amro results

Proximus - Rumours interest in Syniverse seems overdone

VGP - 4M trading update

Eurocommercial Prop. - Solid Q1

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