K+S' Legacy mine will lower cash costs but comes with high capital costs.
K+S reported second-quarter results that were in line with our expectations, although management's revised capital expenditure guidance for the Bethune potash mine in Saskatchewan was higher than we anticipated. Accordingly, we are trimming our fair value estimate to EUR 16 per share from EUR 17. Our no-moat rating is unchanged.Shares fell about 5% to EUR 21 in the wake of the release, likely due to management’s indication that the previous 2020 EBITDA target of EUR 1.6 billion is no longer rea...
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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