K+S AG : Beat & raise … and there may be more to come. Turning net cash and trading 50% below closest peer. Raising TP to € 25 (€ 23). Outperform
>EBITDA 22 guidance 38% above consensus at mid-point, upper end mirrors our current M2M assessment of € 1.9bn; we raise to € 1.72bn - Following the recent beat with strong Q4 prelims, K+S’ first guidance for 2022 came in around 38% above the current consensus at mid-point of € 1.75bn and based on EBITDA 2022 projected € 1.6-1.9bn (consensus € 1,269m). This compares with operating EBITDA of € 690m reported in FY 2021 excl. the € 220m 1-off gain from REKS JV formation. ...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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