No Changes to Our Outlook as Nutrien Appoints Ken Seitz as Permanent CEO; Shares Fairly Valued

On Aug. 8, Nutrien announced interim CEO Ken Seitz would become the company's next CEO. Seitz will also join the board of directors. Seitz has been interim CEO since January. We see no reason to change our outlook for the company. We maintain our $85 (CAD 109) per share fair value estimate and narrow-moat rating for Nutrien. We also maintain our exemplary capital allocation rating. At current prices, we view Nutrien shares as fairly valued with the stock trading roughly in line with our fair value estimate.