K+S Reports Solid First Quarter; Raising Fair Value Estimate to EUR 18 on Higher Near-Term Outlook
K+S began 2019 on a positive note as total EBITDA grew 14% year on year to EUR 270 million driven primarily by higher potash prices. Management maintained 2019 annual EBITDA guidance of a range of EUR 700 million to EUR 850 million. We have slightly raised our near-term outlook for K+S to account for higher deicing salt prices. Having updated our model to reflect these changes, we raise our fair value estimate for K+S to EUR 18 per share from EUR 17.50. Our no-moat rating is unchanged. At curren...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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