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Mosaic 3Q18: Fertilizers on the Rise

Earnings Note: 06 Nov 2018, 10:05 PM ET - Mosaic 3Q18 sales and EBITDA  improved yoy thanks to widespread volume and price increases, with all three segments showing progress in both metrics.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.
Focused

Mosaic 2Q18: (P)ricing Progress

Earnings Note: 08 Aug 2018, 9:36 PM ET - Mosaic reported solid 2Q18 results, and we upgraded our recommendation on the credit to Market perform. We see improving industry fundamentals supported by a tighter than expected supply and demand balance. 
Focused

Mosaic 1Q18: Acquisition Synergies to be Seen

Earnings Note: 09 May 2018, 9:17 PM ET - Mosaic completed the acquisition of Vale Fertilizantes during the quarter, which drove the top line improvement. Most of 2018 synergies are expected in the second half of the year. 
Focused

Mosaic: A Glimpse Behind the Vale

Worth Watching: 27 Mar 2018, 10:30 PM ET - Mosaic (Baa3/BBB-) filed an 8K containing the 9M17 results of its recent acquisition target, Vale Fertilizantes. Vale reported weak results for the first nine months of 2017, with revenue decreasing 8% yoy to $1.37 bn, and adjusted EBITDA falli ..

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

February 2018 US Company Recommendation Changes

US Company Recommendation Changes: 28 Feb 2018, 11:30 PM ET - Our monthly report provides executive summaries for the thirty-four company recommendation changes made on North American companies during the month of February.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

Mosaic 4Q17: Merger Completed / Risks Persist

Earnings Note: 20 Feb 2018, 11:19 PM ET - Mosaic completed the acquisition of Vale Fertilizantes in Brazil in January 2018. After applying pro forma estimates, the acquisition leaves Mosaic around 3.5x leveraged compared to 2.6x as of Dec-17. 
Focused

Mosaic: Senior Leadership Change Raises Questions

Worth Watching: 01 Feb 2018, 9:25 PM ET - Mosaic (Baa3/BBB-) announced that Richard Mack will step down from his position as Executive Vice President and CFO, and terminate his employment at the company effective May 2018. Following the departure, his position will be temporarily fille ..

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 
Focused

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.
Focused

Mosaic: Vale Fertilizantes Purchase Price Reduced

Worth Watching: 02 Jan 2018, 9:32 PM ET - Mosaic (Baa3/BBB-) reached a revised agreement to buy Vale's fertilizer assets, reducing the cash consideration by $100 mn and the equity component by 8.1 mn shares or $208 mn based on MOS' closing share price of $25.66 on December 29. In exchang ..

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