Nutrien Ltd

NTR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 97.00	Zzynn	Tygddzpr

Mosaic Earnings: Our Potash Price Recovery Thesis Still on Track

Seth Goldstein

Aug 8, 2024

Mosaic's second-quarter results reflected lower fertilizer prices, primarily potash, as companywide operating earnings were down 37% versus the prior-year quarter. The results were consistent with our outlook for the year for lower fertilizer prices and resulting profits. Having updated our model to incorporate the second-quarter results, we're maintaining our $40 fair value estimate for Mosaic. Our no-moat rating is also unchanged.

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