Yara reported a Q3/21 EBITDA excluding special items of USD 765m – slightly above our USD 738m forecast. Q3 was however not impacted by the recent surge in the European gas price, and we still see high uncertainty for Q4/21 and Q1/22. We have only made minor estimate changes in this update but see low earnings visibility and high volatility. We stick to our Sell rating as well as our NOK 400 target price.
