Ing. Jaroslav Brzoň (Best Buy Investments, a.s.)
World markets  |  December 14, 2012 14:08:41

After correction for the salt company K + S


The world's largest producer of salt - the company K + S your results just investors unconvinced. While turnover increased by seven percent to 916.6 million euros, an increase was caused mainly due to currency. EBIT decreased contrast compared to last year by 14%. No wonder that in recent weeks the shares have lost about 7%, while the DAX index grows.

Due to the mild winter, the city almost They do so far is out orders, plus selling prices declined slightly. I can not even ensure the signature of new contracts with customers. At least that demand for fertilizers is still on solid levels. Management despite little tepid numbers speak for increasingly robust trade and are satisfied with the continuous development, though this will result in the lower end of the original forecast. For 2012, the expected turnover of 3.9 million euros and EBIT of around 820 million euros. In subsequent years, expect significant growth.

But investors sell appreciated published data and sent the stock exchange to new four-month low at 33.17 euros. Although the downward trend and is still active, but many years of minimum lies at 30.14 euros and later there should decline to stabilize. Moreover, the current P / E 10.9 makes it clear that the shares certainly not expensive. In recent days, it also seems that the longer the turnover could occur earlier.

Author: Jaroslav Brzoň, investment strategist BBI

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