As K+S Continues Ramping Up Bethune Mine; We Maintain Our EUR 16 FVE
K+S reported third-quarter EBITDA growth of 37% to EUR 77 million as higher potash volumes drove profits. After the earnings release, shares fell over 5% to EUR 19.50 at the time of writing. With our long-term outlook for potash intact, we maintain our EUR 16 per share fair value estimate. Our no-moat rating is also unchanged.We continue to see management’s 2030 EBITDA target of EUR 3 billion as overly optimistic and think the company will struggle to generate half of the target. In the earnin...
K+S is engaged in the chemical sector. Co. has three business segments. The Potash and Magnesium Products segment combines the production and marketing of potash fertilizers and fertilizer specialities as well as potash and magnesium compounds for technical, industrial and pharmaceutical applications. The Salt segment encompasses the production and marketing of food grade salt, industrial salt and salt for chemical use, de-icing salt and sodium chloride brine. The Complementary Activities segment bundles together recycling activities and waste disposal or reutilisation in potash and rock salt mines as well as catsan® granulation.
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