Yara Continues to Deal With Weak Nitrogen Pricing in Third Quarter; Fair Value Unchanged
Global fertilizer markets continued to work against Yara in the third quarter. We're holding steady on our NOK 302 per share fair value estimate and no-moat rating for Yara after results that largely matched our expectations. We think Yara is fairly valued given our very high uncertainty rating. Adjusted EBITDA shrank more than 35% year over year to NOK 2.97 billion, as oversupply damaged fertilizer pricing. Lower energy costs, marginal volume increases year over year, and a currency tailwind pa...Yara International is a holding company. Through its subsidiaries, Co. converts energy, natural minerals and nitrogen from the air into products for farmers and industrial customers. Co. provides mineral fertilizers, industrial products and environmental products and services to its customers. Its mineral fertilizer portfolio, sold as five main brands (YaraMila, YaraLiva, YaraVita, YaraBela, YaraVera) represents a range of crop nutrients. Its industrial portfolio contains a range of nitrogen chemicals as well as CO2 and dry ice. Its environmental product and services reduce NOx emissions, control unpleasant odor, prevent toxic gases, avoid corrosion and improve water quality.
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