K+S Reports Solid 4Q; Increasing Our FVE to EUR 17 on Updated Tax Reform Assumptions
K+S reported solid quarterly results, as higher potash and salt volumes drove fourth-quarter earnings to more than triple to EUR 92 million. We’re increasing our fair value estimate to EUR 17 per share from EUR 16 after incorporating updated U.S. tax reform assumptions. Our no-moat rating is unchanged.Although we’ve increased our fair value estimate, that K+S’ stock, which is trading at roughly EUR 23.50 at the time of writing, looks expensive, as we see longer-term headwinds in the potash segm...
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