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K+S AG : KfW funding would be a great catalyst for the 2021 notes – but wait for finalisation
Q1 20 results were driven by disappointing de-icing volumes, which were partly offset by higher MOP volumes. However, MOP prices were still trending downwards. Altogether, revenue declined 14% YoY and EBITDA declined 26% YoY. - We have some hope that potash prices will stabilise now after Chinese and Indian importers have concluded benchmark transactions. Nevertheless, a material drop in EBITDA in 2020 – as guided by the company – is very likely. We derive below K+S’s guidance (€ 5...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Markus Schmitt
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