NTR is the world’s largest potash mining company, producing ~20% of the world’s potash supply with operations in Canada, the US and even Australia. NTR fell short of analyst expectations for its 3rd quarter profit overnight as lower potash prices weighed on revenue. Potash prices have been falling after shipments from Belarus and Russia resumed – the world can be fickle when it needs something! Potash prices averaged $250 per tonne during the reported quarter, compared with $633 a year earlier. The stock fell ~2% in after-market trade following the miss.
- We aren’t keen on “catching falling knives” through 2022/23, but under $US50 NTR would be worth consideration, i.e. 10% lower.
NB: NTRs softer result overnight should also be a negative read-through for Elders (ELD).
MM is neutral towards NTR
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