K+S AG : India calling soon, unlocking potash market standstill. Forecast 2x EBITDA 21 in 2023 but -13% trading EV; ‘cheapest’ potash miner 47% below Nutrien
>Waiting for India price settlement may end soon, unlocking market standstill - ‘Waiting for India’ as the most recent and dominating ‘excuse’ for the lack of meaningful potash sales contracts may end soon as India, solely relying on imports, is gradually running dry in potash. Potash (MOP) imports are down 70% YTD after the already weak FY 2022 imports of 2.8mt (Argus) dropped one-third below 2017-2022 average levels on anything but attractive net back prices of $590...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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