Yara International : Consensus estimates - 12 July 2022

Yara

July 12, 2022

Date of next report: July 19, 2022 (08:00 CET)

Date of last report: April 27, 2022

Latest update	Recommendations	Target price (NOK)
July 12, 2022	Buy/add	6	Average	541
	Hold/neutral	3	Contributors	9
Oldest update	Sell/reduce	0
June 14, 2022

	Quarterly estimates						Yearly estimates
Currency:	2021Q2	2022Q2						2021Y	2022Y		2023Y		2024Y
USDm	Actual	Average	Median	Low	High	Contr		Actual	Average	Contr	Average	Contr	Average	Contr
Revenue and other income	3,947	6,348	6,318	4,076	8,050	9	16,607	23,112	8	20,798	8	18,431	7
Growth	37.6%	60.8%	60.1%	3.3%	104.0%	9	41.6%	39.2%	8	-10.0%	8	-11.4%	7
Operating income (Yara definition)	477	1,117	1,139	940	1,313	7	1,068	3,586	7	2,590	7	2,140	6
Margin	12.1%	17.6%	17.8%	14.3%	23.1%	7	6.4%	15.5%	7	12.5%	7	11.6%	6
EBITDA (Yara def.) excl. special items	775	1,388	1,400	1,195	1,587	9	2,891	4,638	8
Margin	19.6%	21.9%	22.1%	17.4%	29.8%	9	17.4%	20.1%	8
Total special items in EBITDA (Yara definition)	23	0	0	0	0	9	-87	-23.0	8
EBITDA (Yara definition)	799	1,388	1,400	1,195	1,587	9	2,804	4,615	8	3,663	8	3,113	7
Margin	20.2%	21.9%	22.1%	17.4%	29.8%	9	16.9%	20.0%	8	17.6%	8	16.9%	7
Foreign currency translation gain/loss	244	-2.1	0	-15	0	7	-251	208	6	0	0	0	0
Income before tax	706	1,089	1,106	905	1,283	9	739	3,597	8	2,530	8	1,996	7
Net income to parent shareholders	539	829	831	660	961	9	449	2,765	8	1,940	8	1,530	7
EPS	2.10	3.25	3.26	2.59	3.77	9	1.75	10.85	8	7.62	8	6.01	7
EPS excluding currency and special items	1.42	3.26	3.34	2.59	3.77	6	4.73	10.06	5
No of shares in EPS calculation		254.7	254.7	254.7	254.7				254.7		254.7		254.7
DPS (NOK)							30.00	63.78	8	46.36	8	40.76	7
DPS (USD)							3.41	6.23	8	4.53	8	3.98	7
Contributors													Contact: Kristian Lang
ABG Sundal Collier														Infront
Berenberg Bank												Telephone: [phone]
BMO Capital Markets											E-mail: [e-mail]
Carnegie

DNB Markets

Equita SIM

Nordea Markets

Pareto Securities

SEB Equities

Definitions

Common			Statistics
Contributors	Name of the contributing firms		Actual	Outcome same period last year
Date of report	Date of the company's next interim report		Average	Arithmetic mean
Latest report	Date of the company's latest interim report		Chg Q	Change in	consensus (average)	since last report, in percent
Latest update	Date of the latest analyst report, included in consensus		Contr	Number of contributors/analysts
Next report	Date of the company's next interim report		Median	The estimate in the middle of the estimates included in consensus
Oldest update	Date of the oldest analyst report, included in consensus		Low	The smallest estimate in the consensus
Target price	The contributors/analysts price target 6-12 month		High	The largest estimate in the consensus
			Std	Estimates standard deviation based on the estimates included in consensus
Variables
The variables are defined according to the company's own definitions
DPS	Dividend per share
EPS	Earnings per share, calculated from analysts net profit and Infront Data's number of shares
Growth	Growth in the P&L level above compared to same period last year
Margin	Margin for the P&L level above. P&L level divided by sales excluding VAT
Net earnings	Net earnings attributable to parent company shareholders
No of shares in EPS calculation	Total number of shares outstanding
Disclaimer			Contact Information
This report has been prepared by Infront Data, the financial research department of Infront Finance.		Responsible Analyst	Head of Research
The report has been compiled exclusively for the customers of Infront Data and the consent of Infront Data is required for		Contact: Kristian Lang	Contact: Jeff Braun
further distribution, copy or publication of the report, be it in whole or in part.		Telephone: [phone]	Telephone: [phone]
			E-mail: [e-mail]	E-mail: [e-mail]
The content of this report is provided by national as well as international commercial banks, investment banks and financial
brokerage houses, which are deemed by Infront Data as reliable. No guarantee is given as to the accuracy or completeness		For sales inquiries, please contact [e-mail].
of the contents, forecasts or recommendations provided in this report.
The report is not constructed as an offer, recommendation or solication to buy or sell any securities or related financial

instruments. This report is provided solely for the information and use of professional investors, whom are expected to make their own decisions without undue reliance on this report.

Information about Infront Data is available at http//www.infrontfinance.com/ or may be obtained upon request.