Yara’s Q2 results are due 19 July and we expect an EBITDA of USD 1,521m (old: USD 1,304m) – 16% above consensus. Based on large price spreads between regions, we estimate a Q2 EBITDA range of USD 1,350-1,700m. We have made minor full-year estimate changes in USD while in NOK, EPS is revised +8%/+17% for 2022-23. We stick to our Buy rating while raising our TP to NOK 525 (500) and believe Yara’s balance sheet should support additional cash distributions.
