PotashCorp Has Likely Seen a Medium-Term Bottom in Potash Pricing
PotashCorp continues to struggle with lower fertilizer prices, but a better outlook is on the horizon. We're slightly trimming our PotashCorp fair value to $19.80 from $20 on near-term fertilizer weakness and a downward adjustment to our longer-term outlook for the less-important phosphate business, somewhat offset by positive time value of money effects. We expect PotashCorp's merger with Agrium to close as expected in mid-2017. For our view of the merger, please see our Sept. 12 note.Sales sa...
Potash Corp. of Saskatchewan isa fertilizer producer by capacity producing the three primary crop nutrients: potash, nitrogen and phosphate, which is used for agricultural, industrial and animal nutrition purposes. Co.'s potash operations include the mining and production of potash, which is used as fertilizer. Co.'s phosphate operations include the manufacture and sale of solid and liquid phosphate fertilizers, phosphate feed and industrial acid, which is used in food products and industrial processes. Co.'s nitrogen operations include production of nitrogen fertilizers and nitrogen feed and industrial products, including ammonia, urea, nitrogen solutions, ammonium nitrate and nitric acid.
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