Despite Mosaic’s Near-Term Weakness, We See Long-Term Value; Maintaining $33 Fair Value Estimate
Mosaic reported first-quarter earnings that were slightly below our expectations as phosphate gross margins remained in the mid-single-digits and potash volumes and gross margins fell short of management guidance. The market seems to be reacting to the near-term weakness, with shares trading 8% lower following the earnings announcement. Despite a few operational issues during the quarter, which we view as temporary, full-year volume guidance in all three segments remains unchanged. As we transfe...Mosaic is a producer and marketer of concentrated phosphate and potash crop nutrients. The company is organized into three reportable business segments: Phosphates, which owns and operates mines and production facilities in Florida that produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana that produce concentrated phosphate crop nutrients; Potash, which mines and processes potash in Canada and the United States and sells potash in North America and internationally; and Mosaic Fertilizantes, which produces and sells concentrated phosphates crop nutrients, phosphate-based animal feed ingredients and potash fertilizer.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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