Yara delivered a Q2/23 EBITDA (Yara definition) excl. special items of USD 252m, USD 298m below consensus at USD 550m. The negative deviation vs our estimate was explained by USD 2,130m in negative price/margin effects vs our estimated USD -1,830m and a USD 140m inventory write-down, offset by positive volume effects of USD 240m vs our estimated USD 200m, explained by higher premium product deliveries. Although fertilizer prices have trended seasonally lower during H1, we expect a continued posi ....

20 Jul 2023
Arctic: Yara - Modest estimate changes, despite Q2 miss

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Arctic: Yara - Modest estimate changes, despite Q2 miss
- Published:
20 Jul 2023 -
Author:
Axel Jacobsen | Jeppe Baardseth -
Pages:
19 -
Yara delivered a Q2/23 EBITDA (Yara definition) excl. special items of USD 252m, USD 298m below consensus at USD 550m. The negative deviation vs our estimate was explained by USD 2,130m in negative price/margin effects vs our estimated USD -1,830m and a USD 140m inventory write-down, offset by positive volume effects of USD 240m vs our estimated USD 200m, explained by higher premium product deliveries. Although fertilizer prices have trended seasonally lower during H1, we expect a continued posi ....