PhosAgro Q4 21 - Strong results, yet capex guidance above our expectations
-EBITDA, FCF strong and close to consensus-Capex guidance for 2022e above our expectations, yet 22e FCFY should still be high at 11-12% likely translating into the same DY
-Strategy presentation now expected in Q3 22
-We expect a close to neutral market reaction
PhosAgro is a producer of phosphate-based fertilizers. As of Dec 31 2014, Co. had two segments: Phosphate-based products, which includes mainly production and distribution of ammophos, diammoniumphosphate, sodium tripoly phosphate and other phosphate based and complex (NPK) fertilisers on the factories located in Cherepovets, Balakovo and Volkhov, and production and distribution of apatite concentrate extracted from the apatite-nepheline ore, which is mined and processed in Kirovsk; and Nitrogen-based products,which includes mainly production and distribution of ammonia, ammonium nitrate and urea on the factory located in Cherepovets.
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