Mosaic is a $12 billion in sales fertilizer producer that is the world's largest integrated producer of phosphate (11% share), and the third largest global producer of potash (15% share). Mosaic markets its North-American based production throughout the world with distribution assets in 11 countries. The company was created by the October 22, 2004 merger of IMC Global and Cargill Crop Nutrition. Mosaic also has phosphate production JVs in Brazil, China and, most recently, Saudi Arabia.
Quote from BoA on May 8
" Driven by an updated P and K price deck (which includes lower prices mainly for international benchmarks), our 2Q23 EBITDA goes to $784mmn from $1,014mn previously. Our 2023 estimate is now $3,204n from $3,8014mn. However, we now project higher EBITDA next year (~$3.3bn) driven by higher P and K volumes and Fertilizantes earnings. With earnings bottoming, we raise our 2023E EBITDA multiple to 7x from 6.5x. Our PO moves to $60 from $69. We continue to view MOS shares as inexpensive, trading near 5x BofAe EBITDA through 2025. We reiterate Buy!"
Quote from BoA on May 8
" Driven by an updated P and K price deck (which includes lower prices mainly for international benchmarks), our 2Q23 EBITDA goes to $784mmn from $1,014mn previously. Our 2023 estimate is now $3,204n from $3,8014mn. However, we now project higher EBITDA next year (~$3.3bn) driven by higher P and K volumes and Fertilizantes earnings. With earnings bottoming, we raise our 2023E EBITDA multiple to 7x from 6.5x. Our PO moves to $60 from $69. We continue to view MOS shares as inexpensive, trading near 5x BofAe EBITDA through 2025. We reiterate Buy!"