K+S AG : Another raise lifts operating (!) EBITDA guidance to 'c. € 630m', 10/5% above ODDO/cons € 571/€ 603m; beware of blurred headline consensus
>Raised operating EBITDA 2021 outlook leaves 5% upside to cleaned consensus, widely published consensus may contain € 200m one-off - K+S raised its operational EBITDA guidance to 'around € 630m' from € 500-600m, putting the new guidance 10/5% ahead of our and the cleaned Vara consensus of € 571 and € 603m respectively. Higher than previously estimated potash prices contribute to this, says K+S. Please note that the previous headline guidance of € 700-800m EBITDA inclu...K+S is engaged in the chemical sector. Co. has three business segments. The Potash and Magnesium Products segment combines the production and marketing of potash fertilizers and fertilizer specialities as well as potash and magnesium compounds for technical, industrial and pharmaceutical applications. The Salt segment encompasses the production and marketing of food grade salt, industrial salt and salt for chemical use, de-icing salt and sodium chloride brine. The Complementary Activities segment bundles together recycling activities and waste disposal or reutilisation in potash and rock salt mines as well as catsan® granulation.
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.
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