reports
- Atlantic Equities Research
Materials: Dropping Coverage
Effective immediately we are discontinuing coverage of Air Products (APD), CF Industries (CF), DowDuPont (DWDP), LyondellBasell (LYB), Mosaic (MOS), Nutrien (NTR) and Praxair (PX) following the departure of the sector analyst. Going forward, investors should not rely on our previously published notes, ratings, price targets or estimates for the above companies as they will not be updated following the discontinuation of coverage.
- Colin Isaac
- Colin Isaac
- Colin Isaac
- Colin Isaac
- Colin Isaac
Weather delays 2018 season but outlook positive
Nutrien Q118 EBITDA was $0.02 below consensus/$0.03 below our estimate as adverse Corn Belt weather delayed both planting and fertiliser applications. Rapid progress with US corn/soybean plantings since the quarter end should mean the shortfall is recovered in Q2, and Q218 implied guidance is above consensus.
- Colin Isaac
Seasonal headwinds provide an entry point
NTR shares remain volatile into a typically weaker period for Ag stocks in Q2, and reflecting volatility in commodities from urea and soybeans to lithium. Nevertheless pro-forma financials have increased earnings visibility, fertiliser fundamentals are improving and grain prices seem set up for further gains. We continue to believe NTR offers an attractive risk profile and significant long term upside.
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