K+S AG : Tight for longer – Expect flat y-o-y 2023 EBITDA, 30% above consensus, as we find recent sanction-lift-fears premature. Target price up to € 35 (€ 33)
>More optimistic on 2023 as potash supply tightness lasts - At the beginning of 2022, i.e. pre-war in Ukraine, Brazilian potash (granMOP) already trading at around $ 800/t on tight supply/demand due to sanctions on Belarus and strong demand. Supply has been further constrained since then with 40% of global potash supply and the majority of expected future supply growth in Belarus/Russia and pushing the Brazilian price to $ 1,140/t. We do not expect supply constraints ...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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