Company Reports

We're maintaining our $70 fair value estimate for Nutrien following fourth-quarter results. Our CAD fair value estimate falls to CAD 94 from CAD 96 to reflect currency movements since our last update. Our narrow moat rating is unchanged.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

Nutrien's third-quarter results reflected lower fertilizer prices, where spot prices for potash, nitrogen, and phosphate generally bottomed out near the beginning of the quarter, before slightly rising during the quarter. We think lower fertilizer prices, which now generally sit near our long-term price forecasts, will result in farmers applying more volumes this year and in 2024. Having updated our model to incorporate Nutrien's third-quarter results, we maintain our $70 per share fair value estimate. Our Canadian dollar-denominated fair value estimate rises to CAD 96 from CAD 93 due to currency movements since our last update. Our narrow-moat rating is unchanged.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

Fertilizer stocks rallied following the Hamas attack on Israel and the Israeli military response. Of the three primary fertilizers, Israel is a major exporter of potash, accounting for around 6% of global exports based on Nutrien's 2022 fact book. The country is not a major exporter of nitrogen or phosphate. We think the market may be reacting to the increased potential for a supply disruption if the conflict leads to the destabilization of export volumes from Israel.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

We maintain our $70 per share fair value estimate for Nutrien following the company's second-quarter earnings. Our fair value for the Canadian shares falls to CAD 93 from CAD 94 due to foreign-exchange fluctuations. Our narrow moat rating is unchanged.

We reduce our Nutrien fair value estimate to $70 (CAD 94) per share from $80 (CAD 107) after updating our model to incorporate the company's first-quarter results as well as our outlook for lower near-term fertilizer prices. Our narrow moat rating is unchanged. Nutrien shares were down 6% at the time of writing on management's guidance cuts as falling fertilizer prices caused management to cut adjusted EPS guidance over 30% at the midpoint. At current prices, we view Nutrien as slightly undervalued with shares trading around 15% below our updated fair value estimate.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

After updating our Nutrien model to incorporate the company's fourth-quarter earnings, we maintain our $80 per share fair value estimate. Our CAD fair value estimate falls to CAD 107 from CAD 110 on currency movements since our last update. Our narrow moat rating is unchanged.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

After updating our forecast, we reduce our Nutrien fair value estimate to $80 per share from $85. Our CAD fair value estimate rises to CAD 110 from CAD 109 due to currency movements since our last update. We maintain our narrow moat rating.

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.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

Nutrien reported strong second-quarter results as adjusted EBITDA more than doubled versus the prior-year quarter driven by peak fertilizer price conditions. The results were in line with our outlook for the year. We continue to expect 2022 will mark cyclically high prices driven by high crop prices and the supply shock as a result of the Russia-Ukraine conflict.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

Nutrien, the world’s largest crop nutrient company by capacity, was formed in early 2018 as a result of the merger between Potash Corp. of Saskatchewan and Agrium.

After updating our model for Nutrien's investor day on June 9, we have raised our fair value estimate to $85/CAD 108 per share from $80/CAD 103. Our narrow moat rating is unchanged. We view Nutrien shares as fairly valued currently, trading slightly above our fair value estimate and in 3-star territory.