K+S AG : Q2 EBITDA 6% ahead of consensus, outlook reiterated despite conservative Q4 burden baked in; strong gross CF, € 650m NWC headwind in H1 to turn
>Q2 EBITDA € 706m, 6% > consensus of € 664m (ODDO € 659m), up 35% q-o-q vs € 524m in Q1 2022 as Ag ASP up at € 665/t vs € 524/t in Q1 2022 - Q2 2022 EBITDA was up 35% q-o-q compared to € 524m in Q1 2022, fuelled by 25% higher group sales of € 1,510m (Q1 2022 € 1,212m, consensus/ODDO BHF € 1,392m/€ 1,306m). Ag ASP gained to 665/t in Q2 2022 (consensus/ODDO BHF € 610/t; € 567/t) compared to € 524/t in Q1 2022, mirroring higher potash and specialties prices hitting P&L.§...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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