Yara’s Q4/20 results were slightly above expectations, while the proposed DPS of NOK 20 exceeded our expectations. We have implemented updated energy guiding and raised our price assumptions – particularly for H1/21, following the recent strong price momentum. We have implemented more modest price increases for H2/21 onwards. The strength and length of the current momentum is key, and we stick to our Hold rating for now but raise our TP to NOK 425 (400).
