K+S AG : More ‘beat & raise’ ahead with 40% of global potash supply constrained; Lifting TP to € 30 (€ 25); trades at 2020-like EV but EBITDA 3x higher
>EBITDA 22 approaching € 2bn (was € 1,716m/cons € 1.75bn), above upper end of guidance and still another 19% upside on M2M in H2 2022 - K+S confirmed strong customer interest in securing non-Eastern European potash deliveries, also from China, adding to the full commitment until May, while selling further into a rising potash and specialties price environment. We raise our group EBITDA 2022 by 14% to € 1,954m (€ 1,716m) and compared with € 691m operating EBITDA exclud...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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