Report
Jeffrey Stafford
EUR 101.80 For Business Accounts Only

Yara is primarily a commodity producer with operations at the high end of the nitrogen cost curve.

Nitrogen markets continued to work against Yara in the fourth quarter, but a pricing rebound that gained steam late in 2016 is likely to ease some of the pain in 2017. We're holding steady on our NOK 302 per share fair value estimate and no-moat rating for Yara following results that largely matched our expectations. We think Yara is fairly valued given our very high uncertainty rating. 
Fourth-quarter adjusted EBITDA declined nearly 30% year over year to NOK 2.47 billion, as oversupply damaged ...
Underlying
Yara International ASA

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.

Provider
Morningstar
Morningstar

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.

Analysts
Jeffrey Stafford

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