FERTIGLB:UH | Initiate at OW, with 12M TP of AED7.10/share

A compelling case for urea. Russia, the largest exporter of urea (18% share), halted fertiliser exports, leaving the global urea market in short supply. Urea prices skyrocketed 22% y-t-d and have strong support, amid a mix of limited supply, elevated global energy prices, and favorable demand fundamentals, as the world struggles with rising crop prices. Fertiglobe is a direct beneficiary of this unprecedented backdrop, as the largest export-focused N platform, with a combined production capacity...