From Breakingviews - Fertiliser boom reveals food security price power
the Norwegian company was able to boost its annual dividend to 55 crowns per share and lift its fourth-quarter EBITDA to over $1 billion, far exceeding analyst expectations.
Food security concerns helped Yara weather the crisis. As the company’s input costs soared, Chief Executive Svein Tore Holsether shuttered production in countries like Italy and France. That and a war in potash and wheat exporter Ukraine created scarcity, which drove up the price of its much-desired products. That allowed Yara to hike its EBITDA margin to 20% in 2022 from 17% in 2021, excluding one-off items. A recent retreat in European gas prices is also good news for Yara.
, which trades on 11 times as it’s expected to win from an increased global focus on food scarcity. Now that Yara has proved it can weather a major crisis, this gap is likely to narrow.
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