reports
- Eivind Sars Veddeng
Dead money
In this report, we evaluate the urea capacity pipeline until 2022e. We started out looking for a recovery but we could not find it: the market looks oversupplied until 2020e. Nonetheless, given 40% consensus estimate reductions, sustainable higher nitrate premiums, and an improving risk/reward, we upgrade Yara to HOLD (SELL) and raise our target price to NOK320 (270).
- Eivind Sars Veddeng
Dead money
In this report, we evaluate the urea capacity pipeline until 2022e. We started out looking for a recovery but we could not find it: the market looks oversupplied until 2020e. Nonetheless, given 40% consensus estimate reductions, sustainable higher nitrate premiums, and an improving risk/reward, we upgrade Yara to HOLD (SELL) and raise our target price to NOK320 (270).
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