Recent Research

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  FIRST LOOK NOTES

  13 Mar 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 2.19

  Target Price

  AED 3.20

  Upside (%)

  +46.12%

  UAE Equity Research - Fertiglobe PLC 4Q24 - First Look Note

  Total sales volume declined 23% YOY to 1.2 Mn MT in 4Q24 due to planned turnarounds in Algeria and the strategic deferral of certain shipments to 1Q25. Achieved its cost optimization target of USD 50 Mn in annual recurring savings in 2024 and remains on track to realize an incremental EBITDA of USD 100 Mn from its Manufacturing Improvement Plan (MIP) by the end of 2025.

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• 

  FIRST LOOK NOTES

  22 Nov 2024

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 2.43

  Target Price

  AED 3.20

  Upside (%)

  +31.69%

  UAE Equity Research - Fertiglobe PLC 3Q24 - First Look Note

  Fertiglobe’s total sales volume declined 8.7% YOY to 1.38 Mn MT in 3Q24 due to gas and power supply fluctuations in Egypt & Algeria in addition to planned shutdowns. Achieved 92% of its USD 50 Mn run rate cost optimization target at the end of September 2024, and it expects to realize the full target by the end of 2024.

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  EARNINGS CALL INSIGHT

  12 Nov 2024

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 2.52

  Target Price

  AED 3.20

  Upside (%)

  +26.98%

  UAE Equity Research - Fertiglobe PLC 3Q24 - Earnings Call Insight

  Total sales volume declined 4.2% YOY to 1.40 Mn metric tons in 3Q24, driven by a decline in both own-product and third-party sales. Own product sales fell 7.4% YOY to 1.36 Mn metric tons in 3Q24 due to planned and unplanned shutdowns, while third-party product sales declined significantly 55.0% YOY to 0.02 Mn metric tons in 3Q24

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 2.33

  Target Price

  AED 3.20

  Upside (%)

  +37.34%

  Lower realization of ammonia and urea impacted profitability

  Fertiglobe’s own-production sales volumes would have increased 8.1% YOY in 2Q24 excluding the impact of gas supply issues in Egypt

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  FIRST LOOK NOTES

  21 May 2024

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 2.61

  Target Price

  AED 3.45

  Upside (%)

  +32.18%

  Lower sales prices and third-party sales volume impacted profitability

  Fertiglobe’s own product sales volumes rose 4.8% YOY in 1Q24 on the back of a strong order book whereas it expects to realize the benefits of the increase in nitrogen prices in the upcoming period.

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• 

  FIRST LOOK NOTES

  22 Nov 2023

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 3.20

  Target Price

  AED 3.85

  Upside (%)

  +20.31%

  Lower nitrogen sales price coupled with lower third-party sales volume impacted profitability

  Ammonia and Urea prices bounced back c. 150% and c. 35% respectively from the trough level in June 2023 driven by demand recovery and tight supply. Fertiglobe’s own product sales volumes rose 7.8% YOY in 3Q23 on the back of a strong order book whereas it expects to realize the benefits of increase in nitrogen prices in 4Q23 financials. Fertiglobe launched a program to optimize its cost structure and targets USD 50 Mn recurring annualized savings by end of 2024. Fertiglobe’s board approved a div

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