Recent Research

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  FIRST LOOK NOTES

  12 Aug 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.51

  Target Price

  3.20

  Upside (%)

  +27.49%

  UAE Equity Research - Fertiglobe PLC 2Q25 - First Look Note

  Fertiglobe’s strong short-term market outlook is supported by tight global supply and rising demand from major buying regions, keeping prices strong. Cost savings of USD 15-21 Mn are targeted by year-end 2025, through procurement efficiencies, operational improvements, and integration synergies with ADNOC.

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• 

  EARNINGS CALL INSIGHT

  05 Aug 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.58

  Target Price

  3.20

  Upside (%)

  +24.03%

  UAE Equity Research - Fertiglobe PLC 2Q25 - Earnings Call Insight

  Total sales volume declined 3.6% YOY to 1.44 Mn metric tons in 2Q25, driven by a decline in own product, partially offset by rise in third-party sales. Own product sales fell 9.6% YOY to 1.26 Mn metric tons in 2Q25 driven by the impact of turnarounds in the UAE and external factors on operating rates due to planned and unplanned shutdowns, while third-party product sales rose 74.1% YOY to 0.19 Mn metric tons in 2Q25.

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• 

  FIRST LOOK NOTES

  26 May 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.46

  Target Price

  3.20

  Upside (%)

  +30.08%

  UAE Equity Research - Fertiglobe PLC 1Q25 - First Look Note

  Revenue increased 25.9% YOY to USD 695 Mn in 1Q25 due to higher sales volumes, increased urea prices and shipment deferral. Recorded a strong utilization rate of 87% in ammonia and urea in 1Q25 reflecting strong execution under the MIP.

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• 

  FIRST LOOK NOTES

  13 Mar 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.19

  Target Price

  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

  2.43

  Target Price

  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

  2.52

  Target Price

  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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