Yara International : Consensus estimates - 10 July 2020

Yara

July 10, 2020

Date of next report: July 17, 2020 (08:00 CET)

Date of last report: April 23, 2020

Latest update	Recommendations	Target price (NOK)
July 10, 2020	Buy/add	16	Average	418
	Hold/neutral	2	Contributors	18
Oldest update	Sell/reduce	0
June 16, 2020

	Quarterly estimates						Yearly estimates
Currency:	2019Q2	2020Q2						2019Y	2020Y		2021Y		2022Y
USDm	Actual	Average	Median	Low	High	Contr		Actual	Average	Contr	Average	Contr	Average	Contr
Revenue and other income	3,402	3,112	3,223	1,813	3,643	17	12,936	12,293	17	13,286	17	13,860	16
Growth	6.6%	-8.5%	-5.3%	-46.7%	7.1%	17	-0.9%	-5.0%	17	8.1%	17	4.3%	16
Operating income (Yara definition)	266	317	316	271	378	15	989	1,209	17	1,361	17	1,469	16
Margin	7.8%	10.2%	9.9%	8.0%	17.9%	15	7.6%	9.8%	16	10.2%	16	10.6%	15
EBITDA (Yara def) excl Special items	546	577	575	542	630	17	2,165	2,226	18
Margin	16.0%	18.5%	17.9%	15.9%	31.8%	16	16.7%	18.1%	17
Total special items in EBITDA (Yara definition)	-5	0	0	0	0	18	-70	25.9	18
EBITDA (Yara definition)	541	577	575	542	630	17	2,095	2,252	18	2,414	18	2,545	17
Margin	15.9%	18.5%	17.9%	15.9%	31.8%	16	16.2%	18.3%	17	18.2%	17	18.4%	16
EBIT (Yara definition)	304	339	336	298	398	15	1,130	1,305	16	1,482	16	1,604	15
Margin	8.9%	10.9%	10.4%	8.9%	18.9%	14	8.7%	10.6%	15	11.2%	15	11.6%	14
Foreign currency translation gain/loss	35	16.3	0	0	100	12	-145	-243	12	0	0	0	0
Income before tax	294	309	300	251	372	18	803	906	18	1,277	18	1,399	17
Net income, parent shareholders	230	241	231	198	292	18	599	656	18	987	18	1,080	17
EPS	0.84	0.89	0.85	0.73	1.08	18	2.20	2.43	18	3.65	18	3.99	17
Analysts' EPS ex currency and special items	0.77	0.87	0.84	0.68	1.08	12	3.09	3.02	13
No of shares in EPS calculation		270.5	270.5	270.5	270.5				270.5		270.5		270.5
Ordinary DPS (NOK)							15.00	15.41	18	18.91	18	22.00	17
Ordinary DPS (USD)							1.63	1.62	18	1.99	18	2.32	17
Contributors													Contact: Kristian Lang
ABG Sundal Collier	Handelsbanken Capital Markets											Infront
BMO Capital Markets	Nordea Markets										Telephone: [phone]
BofA Securities	Norne Securities									E-mail: [e-mail]
Carnegie	Pareto Securities
Citi Investment Research	Scotia Capital
Credit Suisse	SEB Equities
Danske Bank Markets	Sparebank 1 Markets
Deutsche Bank	UBS
DNB Markets
Equita SIM

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
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