Raising Our K+S FVE to EUR 20 on Higher Near-Term Potash Prices After Solid 1Q Earnings
K+S reported solid first-quarter results as operating profit was up 7% year on year to EUR 147 million on higher volumes and prices in both the potash and salt segments. We’re increasing our fair value estimate to EUR 20 per share from EUR 17 to account for higher near-term potash prices, the time value of money, and a higher enterprise value/EBITDA exit multiple. Our exit multiple increases to 8.0 times from 7.5 to better align with our outlook for improved free cash flow conversion from EBITDA...
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