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K+S published Q2 2010 results ahead of expectations and raised its forecasts, BUT they are still below consensus… The market is therefore incredibly disappointed; it is reacting strongly. Investors forget that K+S does not need an immediate price rise to be generously profitable… this is exactly what motivates us to hold on to our investment in this share. PLUS code maintained.
K+S has published very strong results for Q1 2010, confirming a substantial recovery of volumes. Prospects have been reviewed in line with market expectations. The recovery trend is confirmed. Prices remain stable for the time being. But, as previously indicated, K+S does not need a price rise to return to an attractive level of profitability. PLUS code maintained.
We are introducing K+S with a new PLUS code for the following reasons: medium/long-term fundamentals on agricultural markets will require increased use of fertilizers to satisfy demand; recovery of potash volumes following the disastrous performance in 2009 and a strong leverage effect for K+S (high cost base) which was unfavourable in 2009.
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