Consensus estimates - 2 November 2021

Yara

November 2, 2021

Date of next report: February 8, 2022 (08:00 CET)

Date of last report: October 20, 2021

Latest update	Recommendations	Target price (NOK)
November 1, 2021	Buy/add	8	Average	486
	Hold/neutral	2	Contributors	12
Oldest update	Sell/reduce	2
October 20, 2021

	Quarterly estimates						Yearly estimates
Currency:	2020Q4	2021Q4						2020Y	2021Y		2022Y		2023Y
USDm	Actual	Average	Median	Low	High	Contr		Actual	Average	Contr	Average	Contr	Average	Contr
Revenue and other income	2,925	4,685	4,388	3,219	7,089	11		11,728	16,260	11	16,980	11	15,757	11
Growth	-3.4%	60.2%	50.0%	10.1%	142.4%	11	-9.3%	38.6%	11	4.4%	11	-7.2%	11
Operating income (Yara definition)	210	525	537	250	757	12	1,176	1,446	12	1,796	12	1,761	12
Margin	7.2%	11.2%	10.1%	6.2%	16.6%	10	10.0%	8.9%	10	10.6%	10	11.2%	10
EBITDA (Yara def) excl Special items	511	737	769	516	948	12	2,161	2,863	12
Margin	17.5%	15.7%	14.0%	13.0%	24.9%	10	18.4%	17.6%	10
Total special items in EBITDA (Yara definition)	-26	0	0	0	0	13	62	8.9	13
EBITDA (Yara definition)	484	737	769	516	948	12	2,223	2,872	12	2,831	12	2,822	12
Margin	16.5%	15.7%	14.0%	13.0%	24.9%	10	19.0%	17.7%	10	16.7%	10	17.9%	10
Foreign currency translation gain/loss	98	-31.0	0	-190	0	7	-243	-191	7	0	0	0	0
Income before tax	298	462	471	208	779	12	850	1,164	12	1,661	12	1,623	12
Net income, parent shareholders	246	370	396	158	732	13	691	779	13	1,247	13	1,245	13
EPS	0.93	1.45	1.56	0.62	2.87	13	2.58	3.06	13	4.90	13	4.89	13
Analysts' EPS ex currency and special items	0.76	1.12	0.97	0.62	1.81	5	3.08	4.67	5
No of shares in EPS calculation		254.7	254.7	254.7	254.7				254.7		254.7		254.7
DPS (NOK)							20.00	39.03	13	27.51	13	29.61	13
DPS (USD)							2.36	4.61	13	3.25	13	3.50	13
Contributors													Contact: Kristian Lang
ABG Sundal Collier	Pareto Securities												Infront
Berenberg Bank	SEB Equities											Telephone: [phone]
BMO Capital Markets	Sparebank 1 Markets									E-mail: [e-mail]
BofA Securities

Carnegie

Credit Suisse

DNB Markets

Exane BNP Paribas

Nordea Markets

Norne Securities

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.