K+S AG : The special one. Accelerated specialty fertilizers add to MOP-strength; strong FY prelims set the tone. TP raised to € 23. Outperform reiterated
>Lifting EBITDA 2022 estimates by 10% to € 1,376m on firm potash prices; 8% above consensus; lifting M2M EBITDA 2022 to € 1.9bn (€ 1.7bn) - Friday’s preliminary Q4 2021 results with operating EBITDA of c. € 330m (3x Q3) coming in 9% or €25m above consensus and FY 2021-FCF of c. €100m beating consensus by € 50m set the tone for, we think, a continuation of a beat&raise story into 2022. We expect firm potash and accelerated fertilizer specialties prices lasting longer i...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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