Yara International : Consensus estimates - 1 February 2023

Yara

February 1, 2023

Date of next report: February 8, 2023 (08:00 CET)

Date of last report: October 20, 2022

Latest update	Recommendations	Target price (NOK)
February 1, 2023	Buy/add	7	Average	491
	Hold/neutral	3	Contributors	12
Oldest update	Sell/reduce	2
January 4, 2023

	Quarterly estimates						Yearly estimates
Currency:	2021Q4	2022Q4						2021Y	2022Y		2023Y		2024Y
USDm	Actual	Average	Median	Low	High	Contr		Actual	Average	Contr	Average	Contr	Average	Contr
Revenue and other income	5,032	5,554	5,442	4,441	6,542	12	16,607	24,141	12	20,987	12	19,727	12
Growth	72.0%	10.4%	8.1%	-11.7%	30.0%	12	41.6%	45.4%	12	-13.1%	12	-6.0%	12
Operating income (Yara definition)	148	724	734	499	942	11	1,068	3,774	11	2,403	11	1,901	11
Margin	2.9%	13.0%	14.3%	9.1%	15.8%	11	6.4%	15.6%	11	11.5%	11	9.6%	11
EBITDA (Yara definition) excl. special items	765	988	994	811	1,243	12	2,891	4,810	12
Margin	15.2%	17.8%	18.6%	13.1%	21.4%	12	17.4%	19.9%	12
Total special items in EBITDA (Yara definition)	-96	-0.1	0	-1	0	12	-87	72.0	12
EBITDA (Yara definition)	669	988	993	811	1,243	12	2,804	4,882	12	3,443	12	2,967	12
Margin	13.3%	17.8%	18.6%	13.1%	21.4%	12	16.9%	20.2%	12	16.4%	12	15.0%	12
Foreign currency translation gain/loss	-91	0.8	0	0	9	12	-251	-255	12	0	0	0	0
Income before tax	38	691	682	522	922	12	739	3,376	12	2,239	12	1,758	12
Net income to parent company shareholders	41	527	521	392	705	12	449	2,535	12	1,717	12	1,350	12
EPS	0.16	2.07	2.05	1.54	2.77	12	1.75	9.95	12	6.74	12	5.30	12
EPS excluding currency and special items	1.19	2.04	2.03	1.54	2.77	10	4.73	10.57	10
No of shares in EPS calculation		254.7	254.7	254.7	254.7				254.7		254.7		254.7
DPS ordinary (NOK)							30.00	47.14	11	40.87	11	35.90	11
DPS ordinary (USD)							3.41	4.61	11	4.00	11	3.51	11
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

DNB Markets

Equita SIM

Exane BNP Paribas

Nordea Markets

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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