reports
Moody's downgrades K+S to Ba2, outlook changed to stable
Moody's Investors Service today downgraded to Ba2 from Ba1 the corporate family rating (CFR) of K+S AG (K+S), the probability of default rating (PDR) to Ba2-PD from Ba1-PD and the rating assigned to its EUR500 million senior unsecured bond maturing in June 2022 to Ba2 from Ba1 . ...
Moody's downgrades K+S to Ba2, outlook changed to stable
Moody's Investors Service today downgraded to Ba2 from Ba1 the corporate family rating (CFR) of K+S AG (K+S), the probability of default rating (PDR) to Ba2-PD from Ba1-PD and the rating assigned to its EUR500 million senior unsecured bond maturing in June 2022 to Ba2 from Ba1. The rating outloo...
- Seth Goldstein
- CFA
Raising Our K+S FVE to EUR 20 on Higher Near-Term Potash Prices After ...
K+S reported solid first-quarter results as operating profit was up 7% year on year to EUR 147 million on higher volumes and prices in both the potash and salt segments. We’re increasing our fair value estimate to EUR 20 per share from EUR 17 to account for higher near-term potash prices, the time value of money, and a higher enterprise value/EBITDA exit multiple. Our exit multiple increases to 8.0 times from 7.5 to better align with our outlook for improved free cash flow conversion from EBIT...
- Seth Goldstein
- CFA
K+S' Bethune mine will lower cash costs but comes with high capital co...
K+S reported solid quarterly results, as higher potash and salt volumes drove fourth-quarter earnings to more than triple to EUR 92 million. We’re increasing our fair value estimate to EUR 17 per share from EUR 16 after incorporating updated U.S. tax reform assumptions. Our no-moat rating is unchanged. Although we’ve increased our fair value estimate, that K+S’ stock, which is trading at roughly EUR 23.50 at the time of writing, looks expensive, as we see longer-term headwinds in the potas...
- Seth Goldstein
- CFA
K+S Reports Solid 4Q; Increasing Our FVE to EUR 17 on Updated Tax Refo...
K+S reported solid quarterly results, as higher potash and salt volumes drove fourth-quarter earnings to more than triple to EUR 92 million. We’re increasing our fair value estimate to EUR 17 per share from EUR 16 after incorporating updated U.S. tax reform assumptions. Our no-moat rating is unchanged. Although we’ve increased our fair value estimate, that K+S’ stock, which is trading at roughly EUR 23.50 at the time of writing, looks expensive, as we see longer-term headwinds in the potas...
- Please Change Name John C Forrey
- Please Change Name Francois Lauras
K+S AG: Update following revision of outlook to negative
CORPORATES CREDIT OPINION 2 November 2017 Update RATINGS K+S AG Domicile Germany Long Term Rating Ba1 Type LT Corporate Family Ratings Outlook Negative Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Francois Lauras 44-20-7772-5397
- Please Change Name Francois Lauras
Moody's changes outlook on K+S's Ba1 ratings to negative from stable
Rating Action: Moody's changes outlook on K+ S's Ba1 ratings to negative from stable. Global Credit Research- 30 Oct 2017. London, 30 October 2017-- Moody's Investors Service, today changed the outlook on all ratings of K+ S AG to negative from stable.
- Please Change Name John C Forrey
- Expert Corporate Governance Service (ECGS)
Etude de l'AG du 10/05/2017
General: Supervisory Board member Jella S. Benner-Heinacher is Chief Managing Director (Deputy) at DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines.Item 5: Deloitte, Hanover, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that Deloitte or its predecessors have audited the Company since the financial year 1972 which exceeds our maximum acceptable term of office. We ther...
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