Recent Research

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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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• 

  FIRST LOOK NOTES

  16 Aug 2023

  Fertiglobe PLC

  HOLD

  Last Closing Price

  AED 3.59

  Target Price

  AED 4.00

  Upside (%)

  +11.42%

  Correction in Nitrogen sales price coupled with lower sales volume impacted profitability

  Egypt urea prices bounced back 60% from the trough level in June 2023 driven by demand recovery, low inventories, and tight supply.

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