Yara’s Q1/20 results exceeded our expectations, and the natural gas price and FX trends support our estimates. We have raised our EPS/20 and EPS/21 estimates by 2% and 6% respectively, and the forthcoming Qafco transaction should provide further support to the balance sheet as well as the likelihood of extraordinary dividends once the COVID-19 situation normalizes. We stick to our Buy rating as well as our NOK 400 target price.
23 Apr 2020
Solid Q1/20 report, still healthy outlook
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Solid Q1/20 report, still healthy outlook
Yara’s Q1/20 results exceeded our expectations, and the natural gas price and FX trends support our estimates. We have raised our EPS/20 and EPS/21 estimates by 2% and 6% respectively, and the forthcoming Qafco transaction should provide further support to the balance sheet as well as the likelihood of extraordinary dividends once the COVID-19 situation normalizes. We stick to our Buy rating as well as our NOK 400 target price.