K+S Expects Higher Profits in 2019; Maintaining Our EUR 17.50 FVE With Outlook Intact
In K+S' outlook for 2019, management issued EBITDA guidance of EUR 700 million to EUR 850 million, up from EUR 606 million in 2018. The company expects the increase to be driven by a combination of higher prices and higher potash volumes as the low-cost Bethune mine in Canada continues to ramp up. This is in line with our outlook for higher potash prices in 2019. With our long-term forecast largely unchanged, we maintain our EUR 17.50 per share fair value estimate and no-moat rating for K+S. The...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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