Financials Nutrien Ltd.

Equities

NTR

CA67077M1086

Agricultural Chemicals

Market Closed - Toronto S.E. Other stock markets 21:00:00 31/05/2024 BST			5-day change	1st Jan Change
79.87 ^CAD	+1.86%		-0.71%	+6.99%

05-28	Canada's Nutrien idles three Brazil fertilizer blenders indefinitely	RE
05-23	The market is good to go until Nvidia’s next quarterly results

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,400	27,364	42,922	37,922	27,847	28,955	-	-
Enterprise Value (EV) ¹	37,833	36,130	53,269	48,949	39,472	39,506	39,178	38,777
P/E ratio	28.1 x	59.4 x	13.6 x	5.14 x	22.3 x	15.5 x	15.6 x	18.5 x
Yield	3.68%	3.87%	2.45%	2.63%	3.76%	3.62%	3.73%	3.8%
Capitalization / Revenue	1.42 x	1.36 x	1.6 x	1.02 x	0.99 x	1.08 x	1.05 x	1.02 x
EV / Revenue	1.96 x	1.8 x	1.98 x	1.32 x	1.41 x	1.48 x	1.43 x	1.37 x
EV / EBITDA	9.4 x	9.85 x	7.48 x	4.02 x	6.52 x	7.08 x	6.91 x	6.84 x
EV / FCF	19.5 x	19 x	25.3 x	8.63 x	16.5 x	16.3 x	17.8 x	18.6 x
FCF Yield	5.12%	5.26%	3.95%	11.6%	6.07%	6.15%	5.63%	5.39%
Price to Book	1.2 x	1.22 x	1.77 x	1.43 x	1.11 x	1.14 x	1.12 x	1.1 x
Nbr of stocks (in thousands)	572,900	569,146	570,786	520,184	494,547	494,604	-	-
Reference price ²	47.83	48.08	75.20	72.90	56.31	58.54	58.54	58.54
Announcement Date	18/02/20	17/02/21	16/02/22	15/02/23	21/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,255	20,053	26,861	37,012	28,082	26,778	27,467	28,263
EBITDA ¹	4,025	3,667	7,126	12,170	6,058	5,578	5,669	5,665
EBIT ¹	1,862	902	4,781	10,809	2,745	3,382	3,383	3,165
Operating Margin	9.67%	4.5%	17.8%	29.2%	9.77%	12.63%	12.32%	11.2%
Earnings before Tax (EBT) ¹	1,308	382	4,168	10,246	1,952	2,466	2,393	2,208
Net income ¹	992	459	3,153	7,660	1,258	1,919	1,968	1,634
Net margin	5.15%	2.29%	11.74%	20.7%	4.48%	7.17%	7.17%	5.78%
EPS ²	1.700	0.8100	5.520	14.18	2.530	3.785	3.762	3.157
Free Cash Flow ¹	1,937	1,900	2,103	5,672	2,395	2,430	2,204	2,088
FCF margin	10.06%	9.47%	7.83%	15.32%	8.53%	9.08%	8.03%	7.39%
FCF Conversion (EBITDA)	48.12%	51.81%	29.51%	46.61%	39.53%	43.57%	38.88%	36.86%
FCF Conversion (Net income)	195.26%	413.94%	66.7%	74.05%	190.38%	126.65%	112.01%	127.84%
Dividend per Share ²	1.760	1.860	1.840	1.920	2.120	2.120	2.183	2.225
Announcement Date	18/02/20	17/02/21	16/02/22	15/02/23	21/02/24	-	-	-

¹USD in Million²USD

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	7,069	7,454	14,285	7,984	7,289	5,908	11,402	5,368	5,404	5,151	10,700	5,420	5,355	5,207	10,624
EBITDA ¹	2,463	2,615	4,993	2,467	2,095	1,421	2,478	1,084	1,075	1,055	2,209	1,163	1,198	971.5	2,284
EBIT ¹	1,827	1,999	4,945	2,206	1,659	939	1,128	385	293	419	1,679	702	690	364	1,682
Operating Margin	25.85%	26.82%	34.62%	27.63%	22.76%	15.89%	9.89%	7.17%	5.42%	8.13%	15.69%	12.95%	12.89%	6.99%	15.83%
Earnings before Tax (EBT) ¹	1,581	1,890	4,815	2,070	1,471	769	924	179	80	240	1,525	500	484	171.5	1,486
Net income ¹	1,201	1,378	3,593	1,577	1,112	571	440	75	172	158	1,127	363.2	391.9	130.5	1,106
Net margin	16.99%	18.49%	25.15%	19.75%	15.26%	9.66%	3.86%	1.4%	3.18%	3.07%	10.53%	6.7%	7.32%	2.51%	10.41%
EPS ²	2.110	2.490	6.510	2.940	2.150	1.140	0.8900	0.1500	0.3500	0.3200	2.273	0.7467	0.7367	0.2700	2.315
Dividend per Share ²	0.4600	0.4800	0.4800	0.4600	0.5000	0.5300	0.5300	0.5300	0.5300	0.5400	0.5219	0.5219	0.5219	0.5247	0.5247
Announcement Date	16/02/22	02/05/22	03/08/22	02/11/22	15/02/23	10/05/23	02/08/23	01/11/23	21/02/24	08/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,433	8,766	10,347	11,027	11,625	10,551	10,223	9,823
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.592 x	2.391 x	1.452 x	0.9061 x	1.919 x	1.892 x	1.803 x	1.734 x
Free Cash Flow ¹	1,937	1,900	2,103	5,672	2,395	2,430	2,204	2,088
ROE (net income / shareholders' equity)	5.36%	4.54%	13.7%	31%	8.66%	7.2%	7.35%	7.22%
ROA (Net income/ Total Assets)	2.75%	2.19%	6.49%	14.7%	4.11%	3.59%	3.95%	4.12%
Assets ¹	36,106	21,004	48,573	52,270	30,605	53,449	49,844	39,648
Book Value Per Share ²	39.90	39.30	42.40	50.90	50.60	51.30	52.20	53.40
Cash Flow per Share ²	6.290	5.830	6.800	15.00	10.20	8.820	8.770	8.150
Capex ¹	1,728	1,423	1,783	2,438	2,671	2,242	2,163	2,186
Capex / Sales	8.97%	7.1%	6.64%	6.59%	9.51%	8.37%	7.87%	7.74%
Announcement Date	18/02/20	17/02/21	16/02/22	15/02/23	21/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nutrien Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

58.54 USD

Average target price

64.28 USD

Spread / Average Target

+9.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Agricultural Chemicals Wholesale

	1st Jan change	Capi.
NUTRIEN LTD.	+6.99%	28.95B
SINOFERT HOLDINGS LIMITED	+6.59%	871M
SINO-AGRI LEADING BIOSCIENCES CO.,LTD	+26.95%	724M
LAVORO LIMITED	-30.63%	679M
GUANGDONG TIANHE AGRICULTURAL MEANS OF PRODUCTION CO., LTD.	-18.53%	293M
HEXTAR INDUSTRIES	-14.10%	196M
YCQH AGRICULTURAL TECHNOLOGY CO. LTD.	-.--%	101M
AMIR MARKETING AND INVESTMENTS IN AGRICULTURE LTD	+33.57%	87.59M

Agricultural Chemicals Wholesale