Nutrien Ltd

NTR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 65.00	Khmjlql	Wjhfkssy

Nutrien Earnings: Retail Recovery Delayed, but Our Forecast for Higher Potash Prices Still Intact

Seth Goldstein

Aug 9, 2024

Nutrien's second-quarter results reflected lower fertilizer prices. Companywide adjusted EBITDA was down 10% versus the prior year quarter as improved retail profits somewhat offset lower prices. The results were consistent with our outlook for the year for lower prices and profits in the fertilizer leading to lower companywide results, partially offset by higher retail profits. Having updated our model to incorporate the second quarter results, we're maintaining our $70 (CAD 96) fair value estimate for Nutrien. Our narrow-moat rating is also unchanged.

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