Yara’s Q4 results are due 8 February and we expect an EBITDA of USD 976m vs consensus at USD 946m. In addition to underlying earnings our focus is tilted towards dividend announcements. Our Q4/22 estimates have been revised higher, the positive estimate revision follows lower European energy prices, more than offsetting lower urea prices. We still see earnings risk but our estimates are holding up and we stick to our Buy recommendation.
