Financials Yara International ASA

Equities

YAR

NO0010208051

Agricultural Chemicals

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-05-16 am EDT			5-day change	1st Jan Change
323 ^NOK	+1.38%		+0.69%	-10.58%

May. 13	YARA : JP Morgan downgrades from Neutral to Sell	ZD
May. 02	YARA : UBS is less optimistic	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	98,984	93,628	113,383	109,685	92,007	82,276	-	-
Enterprise Value (EV) ¹	133,593	118,475	148,112	142,779	130,973	119,845	117,308	116,926
P/E ratio	18 x	16.2 x	28.9 x	3.81 x	179 x	17.2 x	11.4 x	10.9 x
Yield	4.11%	10.7%	11.2%	15.1%	1.38%	3.46%	4.6%	4.82%
Capitalization / Revenue	0.83 x	0.94 x	0.78 x	0.44 x	0.56 x	0.52 x	0.5 x	0.49 x
EV / Revenue	1.12 x	1.19 x	1.02 x	0.57 x	0.79 x	0.76 x	0.71 x	0.7 x
EV / EBITDA	6.68 x	6.44 x	5.83 x	2.81 x	7.2 x	5.74 x	5.17 x	4.99 x
EV / FCF	16.7 x	6.09 x	28.1 x	9.44 x	10.8 x	26 x	17.2 x	15.6 x
FCF Yield	6%	16.4%	3.56%	10.6%	9.26%	3.85%	5.81%	6.41%
Price to Book	1.21 x	1.36 x	1.81 x	1.24 x	1.15 x	1.05 x	1.01 x	0.99 x
Nbr of stocks (in thousands)	271,041	263,001	254,792	254,726	254,726	254,726	-	-
Reference price ²	365.2	356.0	445.0	430.6	361.2	323.0	323.0	323.0
Announcement Date	2/7/20	2/9/21	2/8/22	2/8/23	2/9/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	119,485	99,871	145,876	249,666	165,083	157,671	165,517	167,115
EBITDA ¹	19,997	18,402	25,386	50,751	18,179	20,890	22,689	23,453
EBIT ¹	10,499	12,228	18,293	39,727	3,313	9,826	12,529	13,621
Operating Margin	8.79%	12.24%	12.54%	15.91%	2.01%	6.23%	7.57%	8.15%
Earnings before Tax (EBT) ¹	7,417	7,238	6,491	37,775	2,028	7,965	11,992	12,601
Net income ¹	5,565	5,884	3,968	28,827	509.7	4,440	7,044	7,250
Net margin	4.66%	5.89%	2.72%	11.55%	0.31%	2.82%	4.26%	4.34%
EPS ²	20.32	21.97	15.37	113.1	2.017	18.82	28.41	29.60
Free Cash Flow ¹	8,018	19,462	5,276	15,123	12,133	4,612	6,810	7,493
FCF margin	6.71%	19.49%	3.62%	6.06%	7.35%	2.93%	4.11%	4.48%
FCF Conversion (EBITDA)	40.1%	105.76%	20.78%	29.8%	66.75%	22.08%	30.02%	31.95%
FCF Conversion (Net income)	144.07%	330.74%	132.96%	52.46%	2,380.62%	103.88%	96.69%	103.36%
Dividend per Share ²	15.00	38.00	50.00	65.00	5.000	11.18	14.86	15.57
Announcement Date	2/7/20	2/9/21	2/8/22	2/8/23	2/9/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	44,192	54,579	64,909	66,019	56,720	44,265	39,603	42,594	38,035	36,424	40,746	41,882	42,194	-	-
EBITDA ¹	6,720	12,426	14,837	10,621	11,076	5,181	2,533	4,367	6,116	4,780	5,218	5,581	6,803	7,068	6,648
EBIT ¹	5,161	10,146	12,302	8,350	8,066	2,511	-50.22	1,136	2,761	1,989	2,612	2,483	3,965	4,086	3,667
Operating Margin	11.68%	18.59%	18.95%	12.65%	14.22%	5.67%	-0.13%	2.67%	7.26%	5.46%	6.41%	5.93%	9.4%	-	-
Earnings before Tax (EBT) ¹	325	11,364	9,264	5,655	9,893	1,713	-2,923	132.3	3,281	670.2	2,009	2,109	3,655	3,274	2,935
Net income ¹	362.3	8,715	6,679	4,265	7,983	1,106	-3,016	22.06	2,591	198.8	1,205	1,164	1,993	2,551	2,198
Net margin	0.82%	15.97%	10.29%	6.46%	14.07%	2.5%	-7.61%	0.05%	6.81%	0.55%	2.96%	2.78%	4.72%	-	-
EPS ²	1.405	34.25	26.25	16.66	31.35	4.362	-11.86	-	10.19	0.7731	4.199	4.970	8.493	9.856	8.748
Dividend per Share ²	50.00	-	30.99	10.58	-	55.00	-	-	-	-	-	-	9.072	-	-
Announcement Date	2/8/22	4/27/22	7/19/22	10/20/22	2/8/23	4/28/23	7/19/23	10/20/23	2/9/24	4/26/24	-	-	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,609	24,846	34,729	33,094	38,967	37,569	35,032	34,650
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.731 x	1.35 x	1.368 x	0.6521 x	2.144 x	1.798 x	1.544 x	1.477 x
Free Cash Flow ¹	8,018	19,462	5,276	15,123	12,133	4,612	6,810	7,493
ROE (net income / shareholders' equity)	6.84%	8.14%	5.89%	35.4%	0.59%	6.13%	8.15%	7.61%
ROA (Net income/ Total Assets)	3.59%	4.15%	2.65%	15.8%	0.28%	2.77%	4.03%	4.18%
Assets ¹	155,071	141,914	149,684	182,981	180,545	160,034	174,622	173,324
Book Value Per Share ²	303.0	262.0	246.0	348.0	313.0	307.0	318.0	327.0
Cash Flow per Share ²	65.10	64.80	48.40	96.90	94.90	53.70	57.70	55.20
Capex ¹	9,904	6,267	7,149	9,559	12,028	13,864	13,470	14,117
Capex / Sales	8.29%	6.27%	4.9%	3.83%	7.29%	8.79%	8.14%	8.45%
Announcement Date	2/7/20	2/9/21	2/8/22	2/8/23	2/9/24	-	-	-

¹NOK in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Yara International ASA

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

323 NOK

Average target price

355.1 NOK

Spread / Average Target

+9.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Fertilizer

	1st Jan change	Capi.
YARA INTERNATIONAL ASA	-10.58%	7.71B
SABIC AGRI-NUTRIENTS COMPANY	-18.67%	14.4B
CF INDUSTRIES HOLDINGS, INC.	-4.13%	13.93B
QINGHAI SALT LAKE INDUSTRY CO.,LTD	+13.04%	13.4B
THE MOSAIC COMPANY	-14.33%	9.84B
ACRON	-.--%	7.4B
FERTIGLOBE PLC	-12.46%	5.88B
COROMANDEL INTERNATIONAL LIMITED	-0.10%	4.45B
ASIA-POTASH INTERNATIONAL INVESTMENT (GUANGZHOU)CO.,LTD.	-24.58%	2.52B
YONFER AGRICULTURAL TECHNOLOGY CO., LTD.	+14.14%	2.31B

Fertilizer