K+S Continues to Deal With Low Potassium Prices and Production Issues; Fair Value Unchanged
German potassium and salt producer K+S is still struggling with a number of issues both internal and external. Potassium prices are under pressure from a weak global market, and the company's fertilizer volumes are lower due to production issues at an important German mine. Still, third-quarter results generally matched our expectations. The company expects 2016 EBITDA between EUR 500 million and EUR 560 million. Our estimate of about EUR 525 million is unchanged. As such, we maintain our EUR 17...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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