Yara will release its Q3/20 results on Tuesday 20 October. We have revised our Q3/20 estimates lower, mainly due to a stronger NOK as well as a weaker than previously expected CAN price. We have only fine-tuned our estimates for Q4/20 onwards, and stick to our Buy rating as well as our NOK 400 TP. The buy-back programme as well as extraordinary dividends should provide downside support, but an improved market balance is needed in order to raise our TP further.
23 Sep 2020
Minor revisions for Q4/20 onwards
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Minor revisions for Q4/20 onwards
Yara will release its Q3/20 results on Tuesday 20 October. We have revised our Q3/20 estimates lower, mainly due to a stronger NOK as well as a weaker than previously expected CAN price. We have only fine-tuned our estimates for Q4/20 onwards, and stick to our Buy rating as well as our NOK 400 TP. The buy-back programme as well as extraordinary dividends should provide downside support, but an improved market balance is needed in order to raise our TP further.