We Forecast a Solid 2019 for Nutrien on Higher Fertilizer Prices; Shares Undervalued
Nutrien reported decent fourth-quarter results as adjusted EBITDA grew 50% year on year on a pro forma basis to $932 million driven by higher fertilizer prices and volumes, and reduced costs, partially offset by lower retail profits. Management guided to a 2019 adjusted EPS range of $2.80 to $3.20, which we think is achievable. With our long-term outlook largely unchanged, we maintain our USD fair value estimate of $68 per share. Our CAD fair value estimate increases to CAD 90 per share from CAD...Nutrien Ltd is Canada-based crop nutrient producer and distributer of potash, nitrogen and phosphate products for agricultural, industrial and feed customers worldwide. The Company is focused on retail, potash, nitrogen and phosphate mining and processing operations. The Company's retail operations serve growers in a number of countries across the United States, Canada, South Africa, Australia and South America. The Company operates six potash mines in Saskatchewan and has a mine in New Brunswick in care-and-maintenance mode. The Company operates integrated phosphate mining and processing facilities, as well as a number of smaller upgrading plants in the United States.
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.
We have operations in 27 countries.
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