Yara (Buy, TP: NOK575.00) - When the going gets tough…
We have lifted our 2022e EPS from USD4.6 to USD8.6, as we believe the current very high fertiliser prices due to high natural gas prices from which Yara is benefitting are set to persist throughout 2022. We reiterate our BUY and have lifted our target price from NOK550 to NOK575 to reflect additional earnings in 2022e, while most of our value assessment remains based on more normalised earnings from 2023e. We expect Yara to report elevated Q4 EPS of USD2.3 on the high fertiliser and gas prices.Yara International is a holding company. Through its subsidiaries, Co. converts energy, natural minerals and nitrogen from the air into products for farmers and industrial customers. Co. provides mineral fertilizers, industrial products and environmental products and services to its customers. Its mineral fertilizer portfolio, sold as five main brands (YaraMila, YaraLiva, YaraVita, YaraBela, YaraVera) represents a range of crop nutrients. Its industrial portfolio contains a range of nitrogen chemicals as well as CO2 and dry ice. Its environmental product and services reduce NOx emissions, control unpleasant odor, prevent toxic gases, avoid corrosion and improve water quality.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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