K+S Lower Potash Unit Production Costs Prices as Low-Cost Bethune Mine Continues to Ramp Up
K+S continued a tough 2018 as low rivers plague its German potash operation. In its earnings release, management lowered full-year EBITDA guidance to a midpoint of EUR 600 million from the previous midpoint of EUR 700 million. Having updated our model to reflect lower near-term results, we reduce our K+S fair value estimate to EUR 17.50 per share from EUR 18. Our no-moat rating is unchanged.During the quarter, a drought in Germany led to lower rivers, restricting K+S' ability to discharge waste...
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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