K+S AG : Russian/Belorussian tensions entirely priced out in potash. Right or wrong? Marked-to-market underpins current trading. Lowering TP to € 17 (€ 22)
>Expect solid finish to the year with EBITDA 2023 of € 665m, project € 0.70 DPS, yielding 5% - K+S is due to report FY 2023 results on 14 March. We expect a solid finish to the year with volume-driven 59% q-o-q EBITDA recovery to €115m from € 72m in Q3 2023. Positive mix effects via firm specialties fertiliser prices, unique to K+S among peers, contributed as well. However, our reduced accumulated EBITDA 2023 of € 665m (was € 721m) leaves K+S earnings in the lower hal...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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