Uralkali EPS raised on record potash - Citigroup

17 June 2008 11:40  [Source: ICIS news]

LONDON (ICIS news)--Citigroup has raised its earnings forecasts for Russian fertilizer producer Uralkali on the back of record potash export prices, the investment bank said on Tuesday.

 

Last week, Belarusian Potash Company (BPC) sold muriate of potash (MOP) in Brazil at $1,000/tonne (€650/tonne), a record high price for the country.

 

“As $1000/tonne is now a reality, we expect all of Uralkali's customers to pay such a price in 2009,” said Citigroup analyst Daniel Yakub in a note to investors.

 

The bank raised its earnings per share (EPS) estimates for Uralkali by 8% for 2008 and 31% for 2009. It also raised the target share price to $86 from $69.

 

($1 = €0.65)

By: Mark Watts
+44 20 8652 3214

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