View Future GrowthOCI 過去の業績過去 基準チェック /06OCIの収益は年間平均-26.5%の割合で減少していますが、 Chemicals業界の収益は年間 減少しています。収益は年間12.2% 40.5%割合で 減少しています。主要情報-26.48%収益成長率-26.46%EPS成長率Chemicals 業界の成長1.60%収益成長率-40.51%株主資本利益率-31.98%ネット・マージン-31.66%前回の決算情報31 Dec 2025最近の業績更新Reported Earnings • Mar 18Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: US$1.63 loss per share (improved from US$1.81 loss in FY 2024). Revenue: US$1.09b (up 11% from FY 2024). Net loss: US$343.8m (loss narrowed 10.0% from FY 2024). Revenue exceeded analyst estimates by 42%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings.お知らせ • Mar 10OCI N.V. to Report Fiscal Year 2025 Results on Mar 16, 2026OCI N.V. announced that they will report fiscal year 2025 results at 8:00 AM, Central European Standard Time on Mar 16, 2026Reported Earnings • Sep 30First half 2025 earnings released: US$1.57 loss per share (vs US$1.77 loss in 1H 2024)First half 2025 results: US$1.57 loss per share (improved from US$1.77 loss in 1H 2024). Revenue: US$566.9m (up 11% from 1H 2024). Net loss: US$330.6m (loss narrowed 11% from 1H 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings.お知らせ • Sep 03OCI N.V. to Report First Half, 2025 Results on Sep 25, 2025OCI N.V. announced that they will report first half, 2025 results on Sep 25, 2025Reported Earnings • Mar 17Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: US$1.81 loss per share (improved from US$3.71 loss in FY 2023). Revenue: US$975.1m (down 50% from FY 2023). Net loss: US$382.2m (loss narrowed 51% from FY 2023). Revenue missed analyst estimates by 51%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings.お知らせ • Feb 07OCI N.V. to Report Second Half, 2024 Results on Mar 14, 2025OCI N.V. announced that they will report second half, 2024 results on Mar 14, 2025すべての更新を表示Recent updates新しいナラティブ • May 20OCI is not being priced on asset value. That is the opportunity.OCI is still being priced like a messy fertilizer name, while in reality it has become a balance-sheet and asset-realization story. That disconnect is where the opportunity is.ナラティブの更新 • May 09OCI: Future Upside Will Depend On Index Status And Stable EarningsAnalysts have trimmed their OCI price target slightly, citing updated fair value and margin assumptions alongside a higher future P/E. They now see the stock trading closer to their refreshed estimate from the prior €3.80 level.ナラティブの更新 • Apr 23OCI: Future Upside Will Rely On Index Inclusion And Stable EarningsAnalysts have trimmed their price target for OCI from €3.89 to €3.80, reflecting updated assumptions around a slightly lower profit margin, a revised discount rate and a modestly higher future P/E. What's in the News OCI N.V. added to the Netherlands ASCX AMS Small Cap Index, which may affect how index-tracking funds and some institutional investors view the stock (Key Developments).お知らせ • Apr 21OCI N.V., Annual General Meeting, Jun 02, 2026OCI N.V., Annual General Meeting, Jun 02, 2026.New Risk • Apr 17New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$831m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$831m free cash flow). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Currently unprofitable and not forecast to become profitable over next 2 years (US$9.1m net loss in 2 years).ナラティブの更新 • Apr 06OCI: Future Upside Will Depend On Index Inclusion And Stable EarningsAnalysts have trimmed their price target on OCI by €0.07, citing updated assumptions for the discount rate, revenue trends, profit margins, and a revised future P/E multiple. What's in the News OCI N.V. added to the Netherlands ASCX AMS Small Cap Index, signaling inclusion in a local small cap benchmark that some index funds and ETFs may track (Key Developments).お知らせ • Apr 02AGROFERT, a.s. completed the acquisition of OCI Ammonia Holding B.V. from OCI N.V. (ENXTAM:OCI).AGROFERT, a.s. entered into agreement to acquire OCI Ammonia Holding B.V. from OCI N.V. (ENXTAM:OCI) for €290 million on November 23, 2025. A cash consideration of €290 million will be paid by AGROFERT, a.s. As part of consideration, €290 million is paid towards common equity of OCI Ammonia Holding B.V. The transaction is subject to satisfaction of certain regulatory approvals, other customary closing procedures, and OCI Ammonia Holding B.V. shareholder approval at an extraordinary general meeting to be convened and is expected to close in the first half of 2026. Oliver Bacon, Andrew Schoorlemmer of A&O Shearman acted as legal advisor to OCI N.V. AGROFERT, a.s. completed the acquisition of OCI Ammonia Holding B.V. from OCI N.V. (ENXTAM:OCI) on March 31, 2026. The transaction was valued at €290 million. Net proceeds will be subject to customary closing adjustments.Major Estimate Revision • Mar 25Consensus EPS estimates upgraded to US$0.10 lossThe consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -US$0.172 to -US$0.101 per share. Revenue forecast steady at US$1.16b. Chemicals industry in the Netherlands expected to see average net income growth of 26% next year. Consensus price target broadly unchanged at €3.95. Share price was steady at €3.25 over the past week.ナラティブの更新 • Mar 22OCI: Future Upside Will Depend On Orascom Deal And Stable EarningsAnalysts have lifted their price target for OCI, reflecting updated assumptions that include a slightly higher fair value estimate, an adjusted discount rate, more cautious revenue growth expectations, a stronger projected profit margin, and a lower future P/E of 19.86x, all expressed in their models in € terms. Valuation Changes Fair Value: the updated estimate has risen slightly from €3.87 to €3.96.Reported Earnings • Mar 18Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: US$1.63 loss per share (improved from US$1.81 loss in FY 2024). Revenue: US$1.09b (up 11% from FY 2024). Net loss: US$343.8m (loss narrowed 10.0% from FY 2024). Revenue exceeded analyst estimates by 42%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings.New Risk • Mar 17New major risk - Revenue and earnings growthEarnings have declined by 33% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.お知らせ • Mar 10OCI N.V. to Report Fiscal Year 2025 Results on Mar 16, 2026OCI N.V. announced that they will report fiscal year 2025 results at 8:00 AM, Central European Standard Time on Mar 16, 2026ナラティブの更新 • Mar 08OCI: Future Upside Will Depend On Orascom Deal And Stable EarningsAnalysts have revised their price target on OCI to reflect a slightly lower assumed discount rate and modestly adjusted long-term P/E expectations, while keeping fair value estimates broadly unchanged at around €3.87. What's in the News Orascom Construction PLC agreed to acquire OCI N.V. for approximately €880 million, with OCI shareholders to receive 0.4634 Orascom Construction share for each OCI share and to hold 47% of the combined company after completion, while Orascom Construction shareholders hold 53%.ナラティブの更新 • Feb 21OCI: Future Upside Will Rely On Orascom Combination And Stable MarginsAnalysts have made a small upward tweak to their OCI price target, citing slightly adjusted fair value and discount rate inputs, along with unchanged assumptions for long term revenue trends, profit margins and a forward P/E of about 37.2x. What's in the News Orascom Construction PLC agreed to acquire OCI N.V. for approximately €880m, with an exchange ratio of 0.4634 Orascom share for each OCI share, and OCI shareholders expected to hold 47% of the combined group on completion.ナラティブの更新 • Feb 06OCI: Future Returns Will Depend On Orascom Merger And Margin DeliveryNarrative Update on OCI Analysts have slightly adjusted their price target on OCI lower, highlighting a modest shift in fair value and discount rate assumptions as key drivers of the updated view. What's in the News Orascom Construction PLC agreed to acquire OCI N.V. for approximately €880 million, with OCI shareholders to receive 0.4634 Orascom Construction share for each OCI share held, implying ownership of 47% of the combined group after completion (M&A Transaction Announcements).Recent Insider Transactions • Jan 28Executive Chairman recently bought €1.6m worth of stockOn the 21st of January, Nassef Onssy Sawiris bought around 466k shares on-market at roughly €3.37 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €11m. Nassef Onssy has been a buyer over the last 12 months, purchasing a net total of €50m worth in shares.ナラティブの更新 • Jan 23OCI: Future Upside Will Rely On Merger Completion And Margin ExecutionAnalysts have adjusted their price target for OCI to €3.93 from €3.91, reflecting updated assumptions around discount rates, revenue growth, margins, and future P/E. This change comes alongside a recent downgrade to Hold with a €3.70 target in broader Street research.ナラティブの更新 • Jan 09OCI: Future Upside Will Depend On Merger Execution And Discount Rate ResetAnalysts have trimmed their price target on OCI to €3.70. This reflects updated assumptions around discount rates, modestly adjusted growth and margin expectations, and a slightly higher future P/E multiple, and this shift drives the narrative update you are seeing here.Recent Insider Transactions • Jan 02Executive Chairman recently bought €2.0m worth of stockOn the 30th of December, Nassef Onssy Sawiris bought around 664k shares on-market at roughly €3.02 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €11m. Nassef Onssy has been a buyer over the last 12 months, purchasing a net total of €43m worth in shares.ナラティブの更新 • Dec 19OCI: Future Upside Will Emerge As Revenue Trends And Merger Progress ConvergeAnalysts have reduced their price target on OCI to around EUR 4.00 from approximately EUR 6.00, reflecting more conservative fair value and earnings multiples, despite modest improvements in revenue growth expectations. Analyst Commentary Recent research updates on OCI highlight a more cautious stance from the market, with lower price targets and a shift toward neutral ratings as analysts reassess the company’s risk reward profile.Recent Insider Transactions • Dec 12Executive Chairman recently bought €4.9m worth of stockOn the 9th of December, Nassef Onssy Sawiris bought around 2m shares on-market at roughly €2.84 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nassef Onssy's only on-market trade for the last 12 months.Major Estimate Revision • Dec 11Consensus EPS estimates upgraded to US$0.055 lossThe consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -US$0.062 to -US$0.055 per share. Revenue forecast steady at US$1.07b. Chemicals industry in the Netherlands expected to see average net income growth of 26% next year. Consensus price target down from €4.72 to €4.21. Share price fell 16% to €2.87 over the past week.お知らせ • Dec 09Orascom Construction PLC (ADX:ORAS) reached an agreement to acquire OCI N.V. (ENXTAM:OCI) for approximately €880 million.Orascom Construction PLC (ADX:ORAS) agreed to acquire OCI N.V. (ENXTAM:OCI) for approximately €880 million on December 8, 2025. Orascom Construction PLC reached an agreement to acquire OCI N.V. on December 9, 2025. This implies an exchange ratio of 0.4634 shares in Orascom Construction for each OCI share held. Following completion of the Combination, Orascom Construction shareholders will own 53% and OCI’s shareholders will own the remaining 47%. Accordingly, the consideration for OCI amounts to a total of 97,763,162 shares of Orascom Construction and OCI currently owns 561,803 shares in Orascom Construction. While these existing shares have been taken into consideration in the valuation of the target as if they were transferred to the target, it has been agreed between Orascom Construction and OCT that existing shares will not actually be transferred to OCI and would rather be deducted from the total number of new shares to issued at the completion of the transaction. Orascom Construction will then continue as the surviving ADGM-incorporated and ADX- and EGX-listed entity holding OCI’s business, assets and liabilities. Upon closing, the Combination will be renamed “Orascom” with Orascom Infrastructure, Orascom Construction and Orascom Capital. Finally, OCI liquidates and delists from Euronext Amsterdam. Nassef Sawiris will serve as Non-Executive Chair of the combined entity and Board and Executive Management will be announced before closing of the Combination. The transaction is subject to Orascom Construction and OCI's shareholder approval, and will in due course call for an Extraordinary General Meeting to be held in January 2026 and to, among other customary conditions. The Board of Directors of OCI N.V. formed a special committee for the transaction. The Combination has been unanimously recommended by the independent directors on OCI's board. Orascom Construction has also unanimously recommended the proposed Combination to its shareholders. It is expected that the distribution of Orascom Shares to OCI shareholders will be effected in the first half of Q1 2026, with more details to be communicated in due course. De Brauw Blackstone Westbroek N.V. acted as legal advisor for OCI N.V. Allen Overy Shearman LLP acted as legal advisor for OCI N.V. Rothschild Europe B.V. acted as financial advisor for OCI N.V. Rothschild Europe B.V. acted as fairness opinion provider for OCI N.V. Coöperatieve Rabobank U.A. acted as financial advisor for OCI N.V. Deloitte & Touche Netherlands acted as due diligence provider for OCI N.V. White & Case LLP acted as legal advisor for Orascom Construction PLC. EFG-Hermes UAE Limited acted as financial advisor for Orascom Construction PLC. First Abu Dhabi Bank P.J.S.C. acted as financial advisor for Orascom Construction PLC. Kpmg acted as due diligence provider for Orascom Construction PLC.ナラティブの更新 • Dec 05OCI: Future Upside Will Emerge As Margin Pressures Gradually StabilizeThe analyst price target for OCI has been cut materially, dropping from about EUR 6.00 to roughly EUR 4.30, as analysts factor in lower fair value, reduced profit margin assumptions, and a higher future P/E despite slightly stronger revenue growth expectations. Analyst Commentary Analysts have grown more cautious on OCI, with a series of target cuts and a recent downgrade reflecting a reassessment of both earnings power and valuation support.New Risk • Dec 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$843m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$843m free cash flow). Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change).ナラティブの更新 • Nov 21OCI: Price Upside Is Anticipated As Downgrades Signal Stabilizing ProspectsOCI's analyst price target has been revised downward significantly, reflecting a cautious outlook from analysts who cite recent downgrades and reduced revenue growth expectations. Analyst Commentary Analysts have provided a range of commentary following recent changes to OCI's target price and rating.ナラティブの更新 • Nov 06OCI: Price Recovery Is Expected To Follow Recent Neutral Analyst RevisionsOCI’s analyst price target has been revised downward, with recent updates reflecting reduced expectations. Analysts cite ongoing market challenges as the rationale for lowering targets from €6.07 and €8.50 to €4.30 and €6.00, respectively.ナラティブの更新 • Oct 23Analysts Lower OCI Price Target Amid Margin Pressures While Outlook Remains StableOCI’s analyst price target has been cut significantly, with recent research highlighting a reduction from EUR 6.07 to EUR 4.30. Analysts cite ongoing margin pressures and a higher discount rate as the key drivers for the update.分析記事 • Oct 11OCI N.V.'s (AMS:OCI) 25% Cheaper Price Remains In Tune With RevenuesUnfortunately for some shareholders, the OCI N.V. ( AMS:OCI ) share price has dived 25% in the last thirty days...Major Estimate Revision • Oct 09Consensus EPS estimates upgraded to US$0.02 lossThe consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -US$0.272 to -US$0.02 per share. Revenue forecast steady at US$1.06b. Chemicals industry in the Netherlands expected to see average net income growth of 18% next year. Consensus price target down from €6.07 to €5.82. Share price fell 4.3% to €3.72 over the past week.ナラティブの更新 • Oct 09Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsOCI’s analyst price target has been reduced significantly, with recent revisions lowering it from as high as €8.50 to €4.30. Analysts cite expectations of slower revenue growth and a lower fair value estimate in their updated outlooks.Reported Earnings • Sep 30First half 2025 earnings released: US$1.57 loss per share (vs US$1.77 loss in 1H 2024)First half 2025 results: US$1.57 loss per share (improved from US$1.77 loss in 1H 2024). Revenue: US$566.9m (up 11% from 1H 2024). Net loss: US$330.6m (loss narrowed 11% from 1H 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings.ナラティブの更新 • Sep 25Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsThe decline in OCI's consensus price target reflects reduced future earnings expectations, as seen in the lower forward P/E, amid a slightly higher discount rate, resulting in a new target of €6.62. What's in the News OCI N.V. announced a USD 700 million distribution (USD 3.31 per share) for Q3 2025 via capital repayment and extraordinary cash dividend, following AGM resolutions and subject to creditor opposition period lapsing.ナラティブの更新 • Sep 10Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsA notable decline in OCI's net profit margin from 5.37% to 4.54% has likely driven the consensus analyst price target down from €7.70 to €7.38. What's in the News OCI N.V. announced a USD 700 million distribution (USD 3.31 per share) for Q3 2025, to be paid via capital repayment and extraordinary cash dividend on 5 September 2025, following the annual general meeting resolutions.お知らせ • Sep 03OCI N.V. to Report First Half, 2025 Results on Sep 25, 2025OCI N.V. announced that they will report first half, 2025 results on Sep 25, 2025New Risk • Aug 21New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 58% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.ナラティブの更新 • Aug 19Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsThe consensus price target for OCI has been revised down as analysts anticipate lower future earnings growth (evidenced by a sharply reduced Future P/E) and apply a higher discount rate, resulting in a new fair value of €7.51. What's in the News OCI N.V. announced a USD 700 million distribution (USD 3.31 per share) for Q3 2025 via a mix of capital repayment and extraordinary cash dividend, pending mandatory creditor opposition period completion.New Risk • Aug 18New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.Upcoming Dividend • Aug 11Upcoming dividend of US$3.31 per shareEligible shareholders must have bought the stock before 18 August 2025. Payment date: 05 September 2025. The company last paid an ordinary dividend in July 2022. The average dividend yield among industry peers is 3.2%.お知らせ • Aug 04OCI N.V. Confirms Third Quarter 2025 Extraordinary Cash Distribution, Payable on 5 September 2025OCI N.V. announced that it will pay a USD 700 million distribution (USD 3.31 per share) on 5 September 2025 through a mix of capital repayment and extraordinary cash dividend for third quarter 2025. This distribution is pursuant to the resolutions adopted at OCI's annual general meeting on 21 May and will follow the lapsing of the mandatory creditor opposition period on 13 August. The ex-dividend date is 18 August, and the record date is 19 August.新しいナラティブ • Aug 01Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future Markets Strategic ammonia projects and terminal expansion strengthen OCI's market position, enable price recovery, and drive future earnings growth amid evolving regulatory and energy trends.分析記事 • Jul 24Unpleasant Surprises Could Be In Store For OCI N.V.'s (AMS:OCI) SharesWhen you see that almost half of the companies in the Chemicals industry in the Netherlands have price-to-sales ratios...お知らせ • Jun 27Methanex Corporation (TSX:MX) completed the acquisition of OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC.Methanex Corporation (TSX:MX) entered into a definitive agreement to acquire OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC for $2.1 billion on September 8, 2024. A cash consideration of $1.15 billion will be paid by Methanex Corporation subject to customary closing adjustments, 9.9 million common equity of Methanex Corporation to be issued and and the assumption of $450 million in debt and leases. Under the definitive agreement with OCI, the approximate $2.05 billion purchase price will consist of $1.18 billion in cash, the issuance of 9.9 million common shares of Methanex valued at $450 million (based on a $45 per share price) and the assumption of approximately $450 million in debt and leases. Purchase price consideration of $2.05 billion on a cash-free and debt-free basis following a competitive process. OCI is expected to become an approximately 13% shareholder, and the second largest shareholder in Methanex following the Transaction. Acquisition expected to be immediately accretive to free cash flow per share. The transaction reflects TEV/EBITDA multiple of 7.5x. Methanex intends to fund the cash consideration of the transaction through a combination of cash on hand and new debt issuance. Following the announcement of the sale of OCI Methanol, OCI repurchased its 11% and 4% minority stakes in OCI Methanol from Alpha Dhabi Holding PJSC and ADQ, respectively. The Company has obtained a fully committed debt financing package from Royal Bank of Canada to support the transaction. Proceeds from the Transaction will be prioritized to significantly reduce OCI holding company gross debt and to return capital to shareholders. OCI holds 85% stake, and Alpha Dhabi Holding and ADQ holds 15% stake in OCI Methanol. Net proceeds to OCI expected to be approximately $1.2 billion after adjusting for net indebtedness, payments to minority interest holders (ADH/ADQ), outstanding gas hedges and other adjustments. The Transaction is expected to close in the first half of 2025 subject to satisfaction of certain regulatory approvals, customary closing conditions, and other closing conditions including TSX approval for the issuance of Methanex shares to OCI and receipt of OCI shareholder approval. The transaction has been approved by the boards of directors of both companies. An agreement to vote for the Transaction has been signed by the largest shareholder of OCI with an interest of approximately 39% in the Company. As on October 29, 2024, Methanex announced the successful syndication of acquisition financing to support the earlier announced agreement to acquire OCI Global’s international methanol business (“OCI Acquisition”) for $2.05 billion. The new financing arrangements are with a syndicate of highly rated financial institutions and include, up to $650 million in Term Loan A commitments which can be drawn upon closing of the OCI Acquisition. The Term Loan A carries a variable interest rate and is split between three and four-year tenors that can be flexibly repaid to support de-levering, $600 million in revolving credit facility commitments, split between a $400 million tranche which will have a renewed five-year tenor and a $200 million tranche with a three-year tenor, both from closing of the OCI Acquisition. This new facility will replace the Company’s existing $500 million facility which remains available until transaction closing. Both the Term Loan A and new revolving credit facility include financial covenants consistent with the Company’s existing credit facilities. The syndication banks continue to underwrite the remaining bridge facility of $525 million. As of May 14, 2025, European Commission had approved the acquisition on May 14, 2025. As of June 12, 2025, All regulatory approvals required for the closing of the Transaction have been obtained. The transaction is now expected to complete on June 27, 2025. Morgan Stanley & Co. International plc is serving as financial advisor and Romain Dambre, Andrew Schoorlemmer, Oliver Bacon and Tim Stevens of A&O Shearman is acting as legal advisor to OCI. Methanex’s financial advisors for the transaction were Deutsche Bank and RBC Capital Markets. McCarthy Tétrault LLP, Baker McKenzie LLP, Loyens & Loeff N.V. and Reed Smith LLP acted as legal counsel for Methanex. Deutsche Bank and RBC Capital Markets provided fairness opinions to Methanex’s Board of Directors. Andrew Bab, Jennifer Chu of Debevoise & Plimpton LLP represented Deutsche Bank as financial advisor to Methanex Corporation. Stikeman Elliott LLP acted as legal advisor to OCI N.V. (ENXTAM:OCI). Methanex Corporation (TSX:MX) completed the acquisition of OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC on June 27, 2025.Major Estimate Revision • Jun 10Consensus EPS estimates fall by 39%The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.52 to -US$0.725 per share. Revenue forecast unchanged at US$1.06b. Chemicals industry in the Netherlands expected to see average net income growth of 18% next year. Consensus price target down from €9.07 to €8.34. Share price fell 2.4% to €7.51 over the past week.Major Estimate Revision • May 09Consensus estimates of losses per share improve by 45%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$1.05b to US$1.07b. EPS estimate increased from -US$0.228 per share to -US$0.125 per share. Chemicals industry in the Netherlands expected to see average net income growth of 16% next year. Consensus price target down from €10.27 to €9.73. Share price was steady at €7.44 over the past week.Major Estimate Revision • Apr 25Consensus EPS estimates upgraded to US$0.29 loss, revenue downgradedThe consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$2.32b to US$2.21b. 2025 losses expected to reduce from -US$0.435 to -US$0.288 per share. Chemicals industry in the Netherlands expected to see average net income growth of 17% next year. Consensus price target down from €11.98 to €10.74. Share price rose 6.7% to €7.12 over the past week.分析記事 • Apr 23Need To Know: Analysts Are Much More Bullish On OCI N.V. (AMS:OCI) RevenuesOCI N.V. ( AMS:OCI ) shareholders will have a reason to smile today, with the analysts making substantial upgrades to...Major Estimate Revision • Apr 23Consensus revenue estimates increase by 16%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$2.21b to US$2.56b. EPS estimate unchanged from -US$0.44 at last update. Chemicals industry in the Netherlands expected to see average net income growth of 15% next year. Consensus price target down from €12.97 to €10.60. Share price rose 4.6% to €6.65 over the past week.New Risk • Apr 15New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 2.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.Buy Or Sell Opportunity • Apr 15Now 36% undervalued after recent price dropOver the last 90 days, the stock has fallen 46% to €6.35. The fair value is estimated to be €9.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 81% over the last 3 years. Meanwhile, the company became loss making.お知らせ • Apr 14OCI N.V., Annual General Meeting, May 21, 2025OCI N.V., Annual General Meeting, May 21, 2025.分析記事 • Apr 11OCI N.V.'s (AMS:OCI) P/S Still Appears To Be ReasonableWhen you see that almost half of the companies in the Chemicals industry in the Netherlands have price-to-sales ratios...お知らせ • Mar 24OCI N.V.(ENXTAM:OCI) dropped from FTSE All-World Index (USD)OCI N.V.(ENXTAM:OCI) dropped from FTSE All-World Index (USD)Reported Earnings • Mar 17Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: US$1.81 loss per share (improved from US$3.71 loss in FY 2023). Revenue: US$975.1m (down 50% from FY 2023). Net loss: US$382.2m (loss narrowed 51% from FY 2023). Revenue missed analyst estimates by 51%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings.お知らせ • Feb 07OCI N.V. to Report Second Half, 2024 Results on Mar 14, 2025OCI N.V. announced that they will report second half, 2024 results on Mar 14, 2025分析記事 • Jan 25Is Now An Opportune Moment To Examine OCI N.V. (AMS:OCI)?OCI N.V. ( AMS:OCI ), might not be a large cap stock, but it received a lot of attention from a substantial price...分析記事 • Dec 17Is OCI (AMS:OCI) Weighed On By Its Debt Load?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...分析記事 • Nov 16A Look At The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights The projected fair value for OCI is €9.81 based on 2 Stage Free Cash Flow to Equity With €11.25 share...お知らせ • Nov 13OCI Global to Pay Interim Extraordinary Distribution, Payable on 14 November 2024OCI Global announced it will pay an interim extraordinary distribution of EUR 14.50 per share in aggregate (~USD 3.3 billion) on 14 November 2024 to shareholders of record as of the close of business on 29 October 2024.Upcoming Dividend • Oct 21Upcoming dividend of €14.50 per shareEligible shareholders must have bought the stock before 28 October 2024. Payment date: 14 November 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Dutch dividend payers (5.9%). Higher than average of industry peers (2.0%).お知らせ • Oct 18OCI N.V. Announces Chief Executive Officer ChangesOCI Global announced that Mr. Ahmed El-Hoshy has informed the Board that he will resign as CEO of OCI after more than four years in the role, and that he will continue as the CEO of Fertiglobe on a full-time basis, to lead it through its next phase of growth. Mr. Hassan Badrawi, OCI's current Chief Financial Officer will assume responsibility as Chief Executive Officer of OCI. Mr. Beshoy Guirguis, OCI's current Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI US Nitrogen will assume the role of Chief Financial Officer of OCI. All changes will become effective immediately. In his Chief Executive role, Mr. El-Hoshy has led the Company's strategy to prioritize value accretive decarbonization growth across its global portfolio to become an industry leader in the ammonia and methanol sectors. Over the last year, Mr. El-Hoshy has played an integral role in the successful divestment of several business to strategic buyers to unlock significant value for shareholders. Previously, Mr. El-Hoshy led the growth of OCI's US and European businesses, as well as being heavily involved in the creation and subsequent initial public offering of Fertiglobe in 2021. Since joining OCI in 2009, Mr. El-Hoshy has held several positions across the Group including Global Chief Operating Officer, Chief Executive Officer of OCI Americas, and Director of Business Development and Investments. In his capacity as Group Chief Financial Officer reporting into the Executive Chair and the Board of Directors, Mr. Badrawi has been instrumental in directing OCI's M&A activities, in leading OCI's financial and capital markets strategy, and in assuming responsibility for the Finance, Investor Relations and Communications functions. Since joining OCI in 2001, Mr. Badrawi has held various leadership positions across Finance, Investor Relations, M&A, Corporate and Business Development, Strategy and Project Management. Mr. Badrawi also served on the Board of OCI Global and Fertiglobe.お知らせ • Oct 17Oakley Capital Investments Limited Announces Chief Financial Officer ChangesOCI Global announced that Mr. Hassan Badrawi, OCI's current Chief Financial Officer will assume responsibility as Chief Executive Officer of OCI. Mr. Beshoy Guirguis, OCI's current Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI US Nitrogen will assume the role of Chief Financial Officer of OCI. All changes will become effective immediately. In his capacity as Group Chief Financial Officer reporting into the Executive Chair and the Board of Directors, Mr. Badrawi has been instrumental in directing OCI's M&A activities, in leading OCI's financial and capital markets strategy, and in assuming responsibility for the Finance, Investor Relations and Communications functions. Since joining OCI in 2001, Mr. Badrawi has held various leadership positions across Finance, Investor Relations, M&A, Corporate and Business Development, Strategy and Project Management. Mr. Badrawi also served on the Board of OCI Global and Fertiglobe. Mr. Guirguis currently serves as Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI's US Nitrogen business. Previously, Mr. Guirguis was Chief Financial Officer of OCI Americas, including OCI Partners prior to its delisting. Since late 2011, Mr. Guirguis has been a key part of the leadership team responsible for OCI's growth and build out in North America, undertaking various roles including project development and financial management, and has extensive experience in the financial, industrial, and petrochemical industries.お知らせ • Oct 10OCI N.V. to Report Q3, 2024 Results on Nov 12, 2024OCI N.V. announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024お知らせ • Sep 30Woodside Energy Group Ltd (ASX:WDS) completed the acquisition of 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI).Woodside Energy Group Ltd (ASX:WDS) reached an agreement to acquire 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) for $2.4 billion on August 5, 2024. Purchase price consideration of $2.35 billion is on cash-free, debt-free basis. Woodside will pay 80% of the Purchase Price to OCI at closing of the Transaction, with the balance of the Purchase Price payable at Project Completion. The Transaction is subject to customary closing conditions and receipt of OCI shareholder approval. OCI’s Board of Directors has approved the Transaction and has recommended that its shareholders approve the Transaction. The Transaction is expected to close in H2 2024. Project is forecasted to be free cash flow accretive on a cumulative basis. Morgan Stanley & Co. International plc is serving as financial advisor to OCI on the Transaction. Allen Overy Shearman LLP and Vinson & Elkins LLP are acting as OCI’s legal advisors. Loyens Loeff has legal advised to Woodside. Woodside Energy Group Ltd (ASX:WDS) completed the acquisition of 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) on September 30, 2024. The all-cash consideration of approximately $2.35 billion is inclusive of capital expenditure through completion of the first phase, with $1.88 billion paid and the remaining $470 million to be paid at project completion.お知らせ • Sep 10Methanex Corporation (TSX:MX) entered into a definitive agreement to acquire OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC for $2.02 billion.Methanex Corporation (TSX:MX) entered into a definitive agreement to acquire OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC for $2.02 billion on September 8, 2024. A cash consideration of $1.15 billion will be paid by Methanex Corporation, 9.9 million common equity of Methanex Corporation to be issued and and the assumption of $450 million in debt and leases. Purchase price consideration of $2.05 billion on a cash-free and debt-free basis following a competitive process. OCI is expected to become an approximately 13% shareholder, and the second largest shareholder in Methanex following the Transaction. Acquisition expected to be immediately accretive to free cash flow per share. The transaction reflects TEV/EBITDA multiple of 7.5x. Methanex intends to fund the cash consideration of the transaction through a combination of cash on hand and new debt issuance. The Company has obtained a fully committed debt financing package from Royal Bank of Canada to support the transaction. Proceeds from the Transaction will be prioritized to significantly reduce OCI holding company gross debt and to return capital to shareholders. OCI holds 85% stake, and Alpha Dhabi Holding and ADQ holds 15% stake in OCI Methanol. The Transaction is expected to close in the first half of 2025 subject to satisfaction of certain regulatory approvals, customary closing conditions, and other closing conditions including TSX approval for the issuance of Methanex shares to OCI and receipt of OCI shareholder approval. The transaction has been approved by the boards of directors of both companies. An agreement to vote for the Transaction has been signed by the largest shareholder of OCI with an interest of approximately 39% in the Company. Morgan Stanley & Co. International plc is serving as financial advisor and A&O Shearman is acting as legal advisor to OCI. Methanex’s financial advisors for the transaction were Deutsche Bank and RBC Capital Markets. McCarthy Tétrault LLP, Baker McKenzie LLP, Loyens & Loeff N.V. and Reed Smith LLP acted as legal counsel for Methanex. Deutsche Bank and RBC Capital Markets provided fairness opinions to Methanex’s Board of Directors. Andrew Bab, Jennifer Chu of Debevoise & Plimpton LLP represented Deutsche Bank as financial advisor to Methanex Corporation.New Risk • Sep 01New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$29m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future.お知らせ • Aug 30Koch Fertilizer, LLC completed the acquisition of Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI).Koch Fertilizer, LLC entered into a binding equity purchase agreement to acquire Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) for $3.6 billion on December 18, 2023. The consideration consists of $3.6 billion on a cash free debt free basis, subject to a customary cash, debt and normalized level of working capital adjustment. Iowa Fertilizer Company, LLC team will join Koch Ag. Consummation of the transaction remains subject to receipt of certain US antitrust approval, regulatory conditions and other customary closing conditions. The transaction is expected to close in 2024. Proceeds from this transaction will be used to significantly reduce holding company debt; a return of capital to shareholders will be considered within the context of OCI’s capital returns framework and alongside future investment in decarbonization growth opportunities. Morgan Stanley & Co. International plc is acting as financial advisor and Casper Nagtegaal, Frank Hamming of De Brauw Blackstone Westbroek N.V. and Cleary Gottlieb Steen & Hamilton LLP is acting as its legal advisor to OCI. Barclays is serving as a financial advisor and Ashley Gullett and Bryan Davis of Jones Day is acting as its legal advisor to Koch. Koch Fertilizer, LLC completed the acquisition of Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) on August 29, 2024. Upon closing of the transaction, approximately 300 new employees joined the Koch Fertilizer family.New Risk • Aug 08New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$29m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$29m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.Buy Or Sell Opportunity • Aug 06Now 25% overvaluedOver the last 90 days, the stock has fallen 5.0% to €24.48. The fair value is estimated to be €19.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 52% over the last 3 years. Meanwhile, the company became loss making.お知らせ • Aug 05Woodside Energy Group Ltd (ASX:WDS) reached an agreement to acquire 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) for $2.4 billion.Woodside Energy Group Ltd (ASX:WDS) reached an agreement to acquire 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) for $2.4 billion on August 5, 2024. Purchase price consideration of $2.35 billion is on cash-free, debt-free basis. Woodside will pay 80% of the Purchase Price to OCI at closing of the Transaction, with the balance of the Purchase Price payable at Project Completion. The Transaction is subject to customary closing conditions and receipt of OCI shareholder approval. OCI’s Board of Directors has approved the Transaction and has recommended that its shareholders approve the Transaction. The Transaction is expected to close in H2 2024. Project is forecasted to be free cash flow accretive on a cumulative basis. Morgan Stanley & Co. International plc is serving as financial advisor to OCI on the Transaction. Allen Overy Shearman LLP and Vinson & Elkins LLP are acting as OCI’s legal advisors.Reported Earnings • Aug 04Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: US$494.9m (down 64% from 2Q 2023). Net loss: US$106.1m (loss widened 17% from 2Q 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in Europe.分析記事 • Aug 02Some Confidence Is Lacking In OCI N.V.'s (AMS:OCI) P/SWhen close to half the companies in the Chemicals industry in the Netherlands have price-to-sales ratios (or "P/S...分析記事 • Jul 15Is OCI (AMS:OCI) Using Debt In A Risky Way?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...分析記事 • Jun 27Calculating The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights Using the Dividend Discount Model, OCI fair value estimate is €25.09 With €23.27 share price, OCI appears...分析記事 • Jun 08Is Now The Time To Look At Buying OCI N.V. (AMS:OCI)?While OCI N.V. ( AMS:OCI ) might not have the largest market cap around , it saw its share price hover around a small...Reported Earnings • May 15First quarter 2024 earnings released: US$0.45 loss per share (vs US$0.34 loss in 1Q 2023)First quarter 2024 results: US$0.45 loss per share (further deteriorated from US$0.34 loss in 1Q 2023). Revenue: US$513.0m (down 63% from 1Q 2023). Net loss: US$93.7m (loss widened 31% from 1Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.分析記事 • Apr 30Pinning Down OCI N.V.'s (AMS:OCI) P/S Is Difficult Right NowWhen close to half the companies in the Chemicals industry in the Netherlands have price-to-sales ratios (or "P/S...分析記事 • Apr 10Health Check: How Prudently Does OCI (AMS:OCI) Use Debt?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...New Risk • Mar 31New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 103% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 239% Minor Risk High level of debt (103% net debt to equity).Reported Earnings • Mar 22Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: US$3.71 loss per share (improved from US$4.15 loss in FY 2022). Revenue: US$1.96b (down 47% from FY 2022). Net loss: US$780.5m (loss narrowed 11% from FY 2022). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings.分析記事 • Mar 21Calculating The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights Using the Dividend Discount Model, OCI fair value estimate is €25.92 OCI's €25.29 share price indicates it...Reported Earnings • Feb 16Full year 2023 earnings: Revenues miss analyst expectationsFull year 2023 results: Revenue: US$1.96b (down 80% from FY 2022). Net loss: US$445.6m (down 136% from profit in FY 2022). Revenue missed analyst estimates by 3.3%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.分析記事 • Jan 23Is Now An Opportune Moment To Examine OCI N.V. (AMS:OCI)?While OCI N.V. ( AMS:OCI ) might not have the largest market cap around , it saw a significant share price rise of 35...分析記事 • Jan 06OCI (AMS:OCI) Has A Somewhat Strained Balance SheetDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...分析記事 • Dec 21Optimistic Investors Push OCI N.V. (AMS:OCI) Shares Up 25% But Growth Is LackingOCI N.V. ( AMS:OCI ) shareholders would be excited to see that the share price has had a great month, posting a 25...お知らせ • Dec 18Koch Fertilizer, LLC entered into a binding equity purchase agreement to acquire Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) for $3.6 billion.Koch Fertilizer, LLC entered into a binding equity purchase agreement to acquire Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) for $3.6 billion on December 18, 2023. The consideration consists of $3.6 billion on a cash free debt free basis, subject to a customary cash, debt and normalized level of working capital adjustment. Iowa Fertilizer Company, LLC team will join Koch Ag. Consummation of the transaction remains subject to receipt of certain US antitrust approval, regulatory conditions and other customary closing conditions. The transaction is expected to close in 2024. Proceeds from this transaction will be used to significantly reduce holding company debt; a return of capital to shareholders will be considered within the context of OCI’s capital returns framework and alongside future investment in decarbonization growth opportunities. Morgan Stanley & Co. International plc is acting as financial advisor and Cleary Gottlieb Steen & Hamilton LLP is acting as its legal advisor to OCI. Barclays is serving as a financial advisor and Jones Day is acting as its legal advisor to Koch.Buying Opportunity • Dec 15Now 26% undervalued after recent price dropOver the last 90 days, the stock is down 23%. The fair value is estimated to be €27.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company became loss making.分析記事 • Dec 07An Intrinsic Calculation For OCI N.V. (AMS:OCI) Suggests It's 30% UndervaluedKey Insights Using the 2 Stage Free Cash Flow to Equity, OCI fair value estimate is €26.20 Current share price of...Reported Earnings • Nov 09Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: US$0.56 loss per share (down from US$1.50 profit in 3Q 2022). Revenue: US$1.07b (down 54% from 3Q 2022). Net loss: US$117.9m (down 137% from profit in 3Q 2022). Revenue missed analyst estimates by 25%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Chemicals industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.お知らせ • Nov 06OCI N.V. to Report Q3, 2023 Results on Nov 07, 2023OCI N.V. announced that they will report Q3, 2023 results Pre-Market on Nov 07, 2023New Risk • Oct 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 426% Cash payout ratio: 116% Minor Risks High level of debt (93% net debt to equity). Share price has been volatile over the past 3 months (4.8% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin).分析記事 • Oct 01We Like These Underlying Return On Capital Trends At OCI (AMS:OCI)If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...分析記事 • Sep 18Does OCI (AMS:OCI) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Major Estimate Revision • Sep 14Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$1.08 to US$1.31. Revenue forecast steady at US$5.50b. Net income forecast to grow 83% next year vs 3.1% growth forecast for Chemicals industry in the Netherlands. Consensus price target broadly unchanged at €31.24. Share price rose 4.8% to €26.24 over the past week.分析記事 • Sep 04A Look At The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights The projected fair value for OCI is €21.32 based on 2 Stage Free Cash Flow to Equity With €23.43 share...Major Estimate Revision • Sep 01Consensus EPS estimates fall by 26%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$1.45 to US$1.08. Revenue forecast unchanged from US$5.49b at last update. Net income forecast to grow 76% next year vs 3.5% growth forecast for Chemicals industry in the Netherlands. Consensus price target of €31.01 unchanged from last update. Share price rose 4.8% to €23.43 over the past week.分析記事 • Aug 22Should You Think About Buying OCI N.V. (AMS:OCI) Now?While OCI N.V. ( AMS:OCI ) might not be the most widely known stock at the moment, it saw a double-digit share price...New Risk • Aug 04New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 426% Cash payout ratio: 117% Dividend yield: 26% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 426% Cash payout ratio: 117% Minor Risks High level of debt (93% net debt to equity). Profit margins are more than 30% lower than last year (2.6% net profit margin).Reported Earnings • Aug 03Second quarter 2023 earnings released: US$0.43 loss per share (vs US$2.27 profit in 2Q 2022)Second quarter 2023 results: US$0.43 loss per share (down from US$2.27 profit in 2Q 2022). Revenue: US$1.37b (down 52% from 2Q 2022). Net loss: US$90.4m (down 119% from profit in 2Q 2022). Revenue is expected to decline by 7.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in the Netherlands are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth.収支内訳OCI の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史ENXTAM:OCI 収益、費用、利益 ( )USD Millions日付収益収益G+A経費研究開発費31 Dec 251,086-344172030 Sep 251,060-342194030 Jun 251,033-341216031 Mar 25746-321219031 Dec 24975-382232030 Sep 24-400-385118030 Jun 24436-498148031 Mar 241,973-746195031 Dec 23947-567133030 Sep 23-1,714-2,63389030 Jun 23-452-2,19989031 Mar 231,888-1,542137031 Dec 223,714-872162030 Sep 229,7151,498334030 Jun 228,9221,212311031 Mar 227,527882284031 Dec 216,319571266030 Sep 215,156219242030 Jun 214,370151233031 Mar 213,7832223031 Dec 203,474-178219030 Sep 203,286-212244030 Jun 203,168-357230031 Mar 203,246-335230031 Dec 193,032-335219030 Sep 193,125-262195030 Jun 193,265-95190031 Mar 193,104-154184031 Dec 183,253-49178030 Sep 182,953-86168030 Jun 182,763-83152031 Mar 182,523-32147031 Dec 172,252-104161030 Sep 172,072-73172030 Jun 171,951-86202031 Mar 171,88911220031 Dec 161,907168224030 Sep 161,96318221030 Jun 162,019-132218031 Mar 162,102-189213031 Dec 152,186-246208030 Sep 152,362121208030 Jun 152,5374892070質の高い収益: OCIは現在利益が出ていません。利益率の向上: OCIは現在利益が出ていません。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: OCIは利益が出ておらず、過去 5 年間で損失は年間26.5%の割合で増加しています。成長の加速: OCIの過去 1 年間の収益成長を 5 年間の平均と比較することはできません。現在は利益が出ていないためです。収益対業界: OCIは利益が出ていないため、過去 1 年間の収益成長をChemicals業界 ( 32.3% ) と比較することは困難です。株主資本利益率高いROE: OCIは現在利益が出ていないため、自己資本利益率 ( -31.98% ) はマイナスです。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YMaterials 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/22 09:00終値2026/05/22 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋OCI N.V. 3 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。16 アナリスト機関Andreas HeineBarclaysAron CeccarelliBerenbergSebastian BrayBerenberg13 その他のアナリストを表示
Reported Earnings • Mar 18Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: US$1.63 loss per share (improved from US$1.81 loss in FY 2024). Revenue: US$1.09b (up 11% from FY 2024). Net loss: US$343.8m (loss narrowed 10.0% from FY 2024). Revenue exceeded analyst estimates by 42%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings.
お知らせ • Mar 10OCI N.V. to Report Fiscal Year 2025 Results on Mar 16, 2026OCI N.V. announced that they will report fiscal year 2025 results at 8:00 AM, Central European Standard Time on Mar 16, 2026
Reported Earnings • Sep 30First half 2025 earnings released: US$1.57 loss per share (vs US$1.77 loss in 1H 2024)First half 2025 results: US$1.57 loss per share (improved from US$1.77 loss in 1H 2024). Revenue: US$566.9m (up 11% from 1H 2024). Net loss: US$330.6m (loss narrowed 11% from 1H 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings.
お知らせ • Sep 03OCI N.V. to Report First Half, 2025 Results on Sep 25, 2025OCI N.V. announced that they will report first half, 2025 results on Sep 25, 2025
Reported Earnings • Mar 17Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: US$1.81 loss per share (improved from US$3.71 loss in FY 2023). Revenue: US$975.1m (down 50% from FY 2023). Net loss: US$382.2m (loss narrowed 51% from FY 2023). Revenue missed analyst estimates by 51%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings.
お知らせ • Feb 07OCI N.V. to Report Second Half, 2024 Results on Mar 14, 2025OCI N.V. announced that they will report second half, 2024 results on Mar 14, 2025
新しいナラティブ • May 20OCI is not being priced on asset value. That is the opportunity.OCI is still being priced like a messy fertilizer name, while in reality it has become a balance-sheet and asset-realization story. That disconnect is where the opportunity is.
ナラティブの更新 • May 09OCI: Future Upside Will Depend On Index Status And Stable EarningsAnalysts have trimmed their OCI price target slightly, citing updated fair value and margin assumptions alongside a higher future P/E. They now see the stock trading closer to their refreshed estimate from the prior €3.80 level.
ナラティブの更新 • Apr 23OCI: Future Upside Will Rely On Index Inclusion And Stable EarningsAnalysts have trimmed their price target for OCI from €3.89 to €3.80, reflecting updated assumptions around a slightly lower profit margin, a revised discount rate and a modestly higher future P/E. What's in the News OCI N.V. added to the Netherlands ASCX AMS Small Cap Index, which may affect how index-tracking funds and some institutional investors view the stock (Key Developments).
お知らせ • Apr 21OCI N.V., Annual General Meeting, Jun 02, 2026OCI N.V., Annual General Meeting, Jun 02, 2026.
New Risk • Apr 17New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$831m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$831m free cash flow). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Currently unprofitable and not forecast to become profitable over next 2 years (US$9.1m net loss in 2 years).
ナラティブの更新 • Apr 06OCI: Future Upside Will Depend On Index Inclusion And Stable EarningsAnalysts have trimmed their price target on OCI by €0.07, citing updated assumptions for the discount rate, revenue trends, profit margins, and a revised future P/E multiple. What's in the News OCI N.V. added to the Netherlands ASCX AMS Small Cap Index, signaling inclusion in a local small cap benchmark that some index funds and ETFs may track (Key Developments).
お知らせ • Apr 02AGROFERT, a.s. completed the acquisition of OCI Ammonia Holding B.V. from OCI N.V. (ENXTAM:OCI).AGROFERT, a.s. entered into agreement to acquire OCI Ammonia Holding B.V. from OCI N.V. (ENXTAM:OCI) for €290 million on November 23, 2025. A cash consideration of €290 million will be paid by AGROFERT, a.s. As part of consideration, €290 million is paid towards common equity of OCI Ammonia Holding B.V. The transaction is subject to satisfaction of certain regulatory approvals, other customary closing procedures, and OCI Ammonia Holding B.V. shareholder approval at an extraordinary general meeting to be convened and is expected to close in the first half of 2026. Oliver Bacon, Andrew Schoorlemmer of A&O Shearman acted as legal advisor to OCI N.V. AGROFERT, a.s. completed the acquisition of OCI Ammonia Holding B.V. from OCI N.V. (ENXTAM:OCI) on March 31, 2026. The transaction was valued at €290 million. Net proceeds will be subject to customary closing adjustments.
Major Estimate Revision • Mar 25Consensus EPS estimates upgraded to US$0.10 lossThe consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -US$0.172 to -US$0.101 per share. Revenue forecast steady at US$1.16b. Chemicals industry in the Netherlands expected to see average net income growth of 26% next year. Consensus price target broadly unchanged at €3.95. Share price was steady at €3.25 over the past week.
ナラティブの更新 • Mar 22OCI: Future Upside Will Depend On Orascom Deal And Stable EarningsAnalysts have lifted their price target for OCI, reflecting updated assumptions that include a slightly higher fair value estimate, an adjusted discount rate, more cautious revenue growth expectations, a stronger projected profit margin, and a lower future P/E of 19.86x, all expressed in their models in € terms. Valuation Changes Fair Value: the updated estimate has risen slightly from €3.87 to €3.96.
Reported Earnings • Mar 18Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: US$1.63 loss per share (improved from US$1.81 loss in FY 2024). Revenue: US$1.09b (up 11% from FY 2024). Net loss: US$343.8m (loss narrowed 10.0% from FY 2024). Revenue exceeded analyst estimates by 42%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 5.2% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings.
New Risk • Mar 17New major risk - Revenue and earnings growthEarnings have declined by 33% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.
お知らせ • Mar 10OCI N.V. to Report Fiscal Year 2025 Results on Mar 16, 2026OCI N.V. announced that they will report fiscal year 2025 results at 8:00 AM, Central European Standard Time on Mar 16, 2026
ナラティブの更新 • Mar 08OCI: Future Upside Will Depend On Orascom Deal And Stable EarningsAnalysts have revised their price target on OCI to reflect a slightly lower assumed discount rate and modestly adjusted long-term P/E expectations, while keeping fair value estimates broadly unchanged at around €3.87. What's in the News Orascom Construction PLC agreed to acquire OCI N.V. for approximately €880 million, with OCI shareholders to receive 0.4634 Orascom Construction share for each OCI share and to hold 47% of the combined company after completion, while Orascom Construction shareholders hold 53%.
ナラティブの更新 • Feb 21OCI: Future Upside Will Rely On Orascom Combination And Stable MarginsAnalysts have made a small upward tweak to their OCI price target, citing slightly adjusted fair value and discount rate inputs, along with unchanged assumptions for long term revenue trends, profit margins and a forward P/E of about 37.2x. What's in the News Orascom Construction PLC agreed to acquire OCI N.V. for approximately €880m, with an exchange ratio of 0.4634 Orascom share for each OCI share, and OCI shareholders expected to hold 47% of the combined group on completion.
ナラティブの更新 • Feb 06OCI: Future Returns Will Depend On Orascom Merger And Margin DeliveryNarrative Update on OCI Analysts have slightly adjusted their price target on OCI lower, highlighting a modest shift in fair value and discount rate assumptions as key drivers of the updated view. What's in the News Orascom Construction PLC agreed to acquire OCI N.V. for approximately €880 million, with OCI shareholders to receive 0.4634 Orascom Construction share for each OCI share held, implying ownership of 47% of the combined group after completion (M&A Transaction Announcements).
Recent Insider Transactions • Jan 28Executive Chairman recently bought €1.6m worth of stockOn the 21st of January, Nassef Onssy Sawiris bought around 466k shares on-market at roughly €3.37 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €11m. Nassef Onssy has been a buyer over the last 12 months, purchasing a net total of €50m worth in shares.
ナラティブの更新 • Jan 23OCI: Future Upside Will Rely On Merger Completion And Margin ExecutionAnalysts have adjusted their price target for OCI to €3.93 from €3.91, reflecting updated assumptions around discount rates, revenue growth, margins, and future P/E. This change comes alongside a recent downgrade to Hold with a €3.70 target in broader Street research.
ナラティブの更新 • Jan 09OCI: Future Upside Will Depend On Merger Execution And Discount Rate ResetAnalysts have trimmed their price target on OCI to €3.70. This reflects updated assumptions around discount rates, modestly adjusted growth and margin expectations, and a slightly higher future P/E multiple, and this shift drives the narrative update you are seeing here.
Recent Insider Transactions • Jan 02Executive Chairman recently bought €2.0m worth of stockOn the 30th of December, Nassef Onssy Sawiris bought around 664k shares on-market at roughly €3.02 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €11m. Nassef Onssy has been a buyer over the last 12 months, purchasing a net total of €43m worth in shares.
ナラティブの更新 • Dec 19OCI: Future Upside Will Emerge As Revenue Trends And Merger Progress ConvergeAnalysts have reduced their price target on OCI to around EUR 4.00 from approximately EUR 6.00, reflecting more conservative fair value and earnings multiples, despite modest improvements in revenue growth expectations. Analyst Commentary Recent research updates on OCI highlight a more cautious stance from the market, with lower price targets and a shift toward neutral ratings as analysts reassess the company’s risk reward profile.
Recent Insider Transactions • Dec 12Executive Chairman recently bought €4.9m worth of stockOn the 9th of December, Nassef Onssy Sawiris bought around 2m shares on-market at roughly €2.84 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nassef Onssy's only on-market trade for the last 12 months.
Major Estimate Revision • Dec 11Consensus EPS estimates upgraded to US$0.055 lossThe consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -US$0.062 to -US$0.055 per share. Revenue forecast steady at US$1.07b. Chemicals industry in the Netherlands expected to see average net income growth of 26% next year. Consensus price target down from €4.72 to €4.21. Share price fell 16% to €2.87 over the past week.
お知らせ • Dec 09Orascom Construction PLC (ADX:ORAS) reached an agreement to acquire OCI N.V. (ENXTAM:OCI) for approximately €880 million.Orascom Construction PLC (ADX:ORAS) agreed to acquire OCI N.V. (ENXTAM:OCI) for approximately €880 million on December 8, 2025. Orascom Construction PLC reached an agreement to acquire OCI N.V. on December 9, 2025. This implies an exchange ratio of 0.4634 shares in Orascom Construction for each OCI share held. Following completion of the Combination, Orascom Construction shareholders will own 53% and OCI’s shareholders will own the remaining 47%. Accordingly, the consideration for OCI amounts to a total of 97,763,162 shares of Orascom Construction and OCI currently owns 561,803 shares in Orascom Construction. While these existing shares have been taken into consideration in the valuation of the target as if they were transferred to the target, it has been agreed between Orascom Construction and OCT that existing shares will not actually be transferred to OCI and would rather be deducted from the total number of new shares to issued at the completion of the transaction. Orascom Construction will then continue as the surviving ADGM-incorporated and ADX- and EGX-listed entity holding OCI’s business, assets and liabilities. Upon closing, the Combination will be renamed “Orascom” with Orascom Infrastructure, Orascom Construction and Orascom Capital. Finally, OCI liquidates and delists from Euronext Amsterdam. Nassef Sawiris will serve as Non-Executive Chair of the combined entity and Board and Executive Management will be announced before closing of the Combination. The transaction is subject to Orascom Construction and OCI's shareholder approval, and will in due course call for an Extraordinary General Meeting to be held in January 2026 and to, among other customary conditions. The Board of Directors of OCI N.V. formed a special committee for the transaction. The Combination has been unanimously recommended by the independent directors on OCI's board. Orascom Construction has also unanimously recommended the proposed Combination to its shareholders. It is expected that the distribution of Orascom Shares to OCI shareholders will be effected in the first half of Q1 2026, with more details to be communicated in due course. De Brauw Blackstone Westbroek N.V. acted as legal advisor for OCI N.V. Allen Overy Shearman LLP acted as legal advisor for OCI N.V. Rothschild Europe B.V. acted as financial advisor for OCI N.V. Rothschild Europe B.V. acted as fairness opinion provider for OCI N.V. Coöperatieve Rabobank U.A. acted as financial advisor for OCI N.V. Deloitte & Touche Netherlands acted as due diligence provider for OCI N.V. White & Case LLP acted as legal advisor for Orascom Construction PLC. EFG-Hermes UAE Limited acted as financial advisor for Orascom Construction PLC. First Abu Dhabi Bank P.J.S.C. acted as financial advisor for Orascom Construction PLC. Kpmg acted as due diligence provider for Orascom Construction PLC.
ナラティブの更新 • Dec 05OCI: Future Upside Will Emerge As Margin Pressures Gradually StabilizeThe analyst price target for OCI has been cut materially, dropping from about EUR 6.00 to roughly EUR 4.30, as analysts factor in lower fair value, reduced profit margin assumptions, and a higher future P/E despite slightly stronger revenue growth expectations. Analyst Commentary Analysts have grown more cautious on OCI, with a series of target cuts and a recent downgrade reflecting a reassessment of both earnings power and valuation support.
New Risk • Dec 03New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$843m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$843m free cash flow). Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change).
ナラティブの更新 • Nov 21OCI: Price Upside Is Anticipated As Downgrades Signal Stabilizing ProspectsOCI's analyst price target has been revised downward significantly, reflecting a cautious outlook from analysts who cite recent downgrades and reduced revenue growth expectations. Analyst Commentary Analysts have provided a range of commentary following recent changes to OCI's target price and rating.
ナラティブの更新 • Nov 06OCI: Price Recovery Is Expected To Follow Recent Neutral Analyst RevisionsOCI’s analyst price target has been revised downward, with recent updates reflecting reduced expectations. Analysts cite ongoing market challenges as the rationale for lowering targets from €6.07 and €8.50 to €4.30 and €6.00, respectively.
ナラティブの更新 • Oct 23Analysts Lower OCI Price Target Amid Margin Pressures While Outlook Remains StableOCI’s analyst price target has been cut significantly, with recent research highlighting a reduction from EUR 6.07 to EUR 4.30. Analysts cite ongoing margin pressures and a higher discount rate as the key drivers for the update.
分析記事 • Oct 11OCI N.V.'s (AMS:OCI) 25% Cheaper Price Remains In Tune With RevenuesUnfortunately for some shareholders, the OCI N.V. ( AMS:OCI ) share price has dived 25% in the last thirty days...
Major Estimate Revision • Oct 09Consensus EPS estimates upgraded to US$0.02 lossThe consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -US$0.272 to -US$0.02 per share. Revenue forecast steady at US$1.06b. Chemicals industry in the Netherlands expected to see average net income growth of 18% next year. Consensus price target down from €6.07 to €5.82. Share price fell 4.3% to €3.72 over the past week.
ナラティブの更新 • Oct 09Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsOCI’s analyst price target has been reduced significantly, with recent revisions lowering it from as high as €8.50 to €4.30. Analysts cite expectations of slower revenue growth and a lower fair value estimate in their updated outlooks.
Reported Earnings • Sep 30First half 2025 earnings released: US$1.57 loss per share (vs US$1.77 loss in 1H 2024)First half 2025 results: US$1.57 loss per share (improved from US$1.77 loss in 1H 2024). Revenue: US$566.9m (up 11% from 1H 2024). Net loss: US$330.6m (loss narrowed 11% from 1H 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings.
ナラティブの更新 • Sep 25Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsThe decline in OCI's consensus price target reflects reduced future earnings expectations, as seen in the lower forward P/E, amid a slightly higher discount rate, resulting in a new target of €6.62. What's in the News OCI N.V. announced a USD 700 million distribution (USD 3.31 per share) for Q3 2025 via capital repayment and extraordinary cash dividend, following AGM resolutions and subject to creditor opposition period lapsing.
ナラティブの更新 • Sep 10Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsA notable decline in OCI's net profit margin from 5.37% to 4.54% has likely driven the consensus analyst price target down from €7.70 to €7.38. What's in the News OCI N.V. announced a USD 700 million distribution (USD 3.31 per share) for Q3 2025, to be paid via capital repayment and extraordinary cash dividend on 5 September 2025, following the annual general meeting resolutions.
お知らせ • Sep 03OCI N.V. to Report First Half, 2025 Results on Sep 25, 2025OCI N.V. announced that they will report first half, 2025 results on Sep 25, 2025
New Risk • Aug 21New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 58% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.
ナラティブの更新 • Aug 19Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future MarketsThe consensus price target for OCI has been revised down as analysts anticipate lower future earnings growth (evidenced by a sharply reduced Future P/E) and apply a higher discount rate, resulting in a new fair value of €7.51. What's in the News OCI N.V. announced a USD 700 million distribution (USD 3.31 per share) for Q3 2025 via a mix of capital repayment and extraordinary cash dividend, pending mandatory creditor opposition period completion.
New Risk • Aug 18New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.
Upcoming Dividend • Aug 11Upcoming dividend of US$3.31 per shareEligible shareholders must have bought the stock before 18 August 2025. Payment date: 05 September 2025. The company last paid an ordinary dividend in July 2022. The average dividend yield among industry peers is 3.2%.
お知らせ • Aug 04OCI N.V. Confirms Third Quarter 2025 Extraordinary Cash Distribution, Payable on 5 September 2025OCI N.V. announced that it will pay a USD 700 million distribution (USD 3.31 per share) on 5 September 2025 through a mix of capital repayment and extraordinary cash dividend for third quarter 2025. This distribution is pursuant to the resolutions adopted at OCI's annual general meeting on 21 May and will follow the lapsing of the mandatory creditor opposition period on 13 August. The ex-dividend date is 18 August, and the record date is 19 August.
新しいナラティブ • Aug 01Beaumont Clean Ammonia And Rotterdam Terminal Will Open Future Markets Strategic ammonia projects and terminal expansion strengthen OCI's market position, enable price recovery, and drive future earnings growth amid evolving regulatory and energy trends.
分析記事 • Jul 24Unpleasant Surprises Could Be In Store For OCI N.V.'s (AMS:OCI) SharesWhen you see that almost half of the companies in the Chemicals industry in the Netherlands have price-to-sales ratios...
お知らせ • Jun 27Methanex Corporation (TSX:MX) completed the acquisition of OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC.Methanex Corporation (TSX:MX) entered into a definitive agreement to acquire OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC for $2.1 billion on September 8, 2024. A cash consideration of $1.15 billion will be paid by Methanex Corporation subject to customary closing adjustments, 9.9 million common equity of Methanex Corporation to be issued and and the assumption of $450 million in debt and leases. Under the definitive agreement with OCI, the approximate $2.05 billion purchase price will consist of $1.18 billion in cash, the issuance of 9.9 million common shares of Methanex valued at $450 million (based on a $45 per share price) and the assumption of approximately $450 million in debt and leases. Purchase price consideration of $2.05 billion on a cash-free and debt-free basis following a competitive process. OCI is expected to become an approximately 13% shareholder, and the second largest shareholder in Methanex following the Transaction. Acquisition expected to be immediately accretive to free cash flow per share. The transaction reflects TEV/EBITDA multiple of 7.5x. Methanex intends to fund the cash consideration of the transaction through a combination of cash on hand and new debt issuance. Following the announcement of the sale of OCI Methanol, OCI repurchased its 11% and 4% minority stakes in OCI Methanol from Alpha Dhabi Holding PJSC and ADQ, respectively. The Company has obtained a fully committed debt financing package from Royal Bank of Canada to support the transaction. Proceeds from the Transaction will be prioritized to significantly reduce OCI holding company gross debt and to return capital to shareholders. OCI holds 85% stake, and Alpha Dhabi Holding and ADQ holds 15% stake in OCI Methanol. Net proceeds to OCI expected to be approximately $1.2 billion after adjusting for net indebtedness, payments to minority interest holders (ADH/ADQ), outstanding gas hedges and other adjustments. The Transaction is expected to close in the first half of 2025 subject to satisfaction of certain regulatory approvals, customary closing conditions, and other closing conditions including TSX approval for the issuance of Methanex shares to OCI and receipt of OCI shareholder approval. The transaction has been approved by the boards of directors of both companies. An agreement to vote for the Transaction has been signed by the largest shareholder of OCI with an interest of approximately 39% in the Company. As on October 29, 2024, Methanex announced the successful syndication of acquisition financing to support the earlier announced agreement to acquire OCI Global’s international methanol business (“OCI Acquisition”) for $2.05 billion. The new financing arrangements are with a syndicate of highly rated financial institutions and include, up to $650 million in Term Loan A commitments which can be drawn upon closing of the OCI Acquisition. The Term Loan A carries a variable interest rate and is split between three and four-year tenors that can be flexibly repaid to support de-levering, $600 million in revolving credit facility commitments, split between a $400 million tranche which will have a renewed five-year tenor and a $200 million tranche with a three-year tenor, both from closing of the OCI Acquisition. This new facility will replace the Company’s existing $500 million facility which remains available until transaction closing. Both the Term Loan A and new revolving credit facility include financial covenants consistent with the Company’s existing credit facilities. The syndication banks continue to underwrite the remaining bridge facility of $525 million. As of May 14, 2025, European Commission had approved the acquisition on May 14, 2025. As of June 12, 2025, All regulatory approvals required for the closing of the Transaction have been obtained. The transaction is now expected to complete on June 27, 2025. Morgan Stanley & Co. International plc is serving as financial advisor and Romain Dambre, Andrew Schoorlemmer, Oliver Bacon and Tim Stevens of A&O Shearman is acting as legal advisor to OCI. Methanex’s financial advisors for the transaction were Deutsche Bank and RBC Capital Markets. McCarthy Tétrault LLP, Baker McKenzie LLP, Loyens & Loeff N.V. and Reed Smith LLP acted as legal counsel for Methanex. Deutsche Bank and RBC Capital Markets provided fairness opinions to Methanex’s Board of Directors. Andrew Bab, Jennifer Chu of Debevoise & Plimpton LLP represented Deutsche Bank as financial advisor to Methanex Corporation. Stikeman Elliott LLP acted as legal advisor to OCI N.V. (ENXTAM:OCI). Methanex Corporation (TSX:MX) completed the acquisition of OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC on June 27, 2025.
Major Estimate Revision • Jun 10Consensus EPS estimates fall by 39%The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.52 to -US$0.725 per share. Revenue forecast unchanged at US$1.06b. Chemicals industry in the Netherlands expected to see average net income growth of 18% next year. Consensus price target down from €9.07 to €8.34. Share price fell 2.4% to €7.51 over the past week.
Major Estimate Revision • May 09Consensus estimates of losses per share improve by 45%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$1.05b to US$1.07b. EPS estimate increased from -US$0.228 per share to -US$0.125 per share. Chemicals industry in the Netherlands expected to see average net income growth of 16% next year. Consensus price target down from €10.27 to €9.73. Share price was steady at €7.44 over the past week.
Major Estimate Revision • Apr 25Consensus EPS estimates upgraded to US$0.29 loss, revenue downgradedThe consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$2.32b to US$2.21b. 2025 losses expected to reduce from -US$0.435 to -US$0.288 per share. Chemicals industry in the Netherlands expected to see average net income growth of 17% next year. Consensus price target down from €11.98 to €10.74. Share price rose 6.7% to €7.12 over the past week.
分析記事 • Apr 23Need To Know: Analysts Are Much More Bullish On OCI N.V. (AMS:OCI) RevenuesOCI N.V. ( AMS:OCI ) shareholders will have a reason to smile today, with the analysts making substantial upgrades to...
Major Estimate Revision • Apr 23Consensus revenue estimates increase by 16%The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$2.21b to US$2.56b. EPS estimate unchanged from -US$0.44 at last update. Chemicals industry in the Netherlands expected to see average net income growth of 15% next year. Consensus price target down from €12.97 to €10.60. Share price rose 4.6% to €6.65 over the past week.
New Risk • Apr 15New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 2.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company.
Buy Or Sell Opportunity • Apr 15Now 36% undervalued after recent price dropOver the last 90 days, the stock has fallen 46% to €6.35. The fair value is estimated to be €9.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 81% over the last 3 years. Meanwhile, the company became loss making.
お知らせ • Apr 14OCI N.V., Annual General Meeting, May 21, 2025OCI N.V., Annual General Meeting, May 21, 2025.
分析記事 • Apr 11OCI N.V.'s (AMS:OCI) P/S Still Appears To Be ReasonableWhen you see that almost half of the companies in the Chemicals industry in the Netherlands have price-to-sales ratios...
お知らせ • Mar 24OCI N.V.(ENXTAM:OCI) dropped from FTSE All-World Index (USD)OCI N.V.(ENXTAM:OCI) dropped from FTSE All-World Index (USD)
Reported Earnings • Mar 17Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: US$1.81 loss per share (improved from US$3.71 loss in FY 2023). Revenue: US$975.1m (down 50% from FY 2023). Net loss: US$382.2m (loss narrowed 51% from FY 2023). Revenue missed analyst estimates by 51%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings.
お知らせ • Feb 07OCI N.V. to Report Second Half, 2024 Results on Mar 14, 2025OCI N.V. announced that they will report second half, 2024 results on Mar 14, 2025
分析記事 • Jan 25Is Now An Opportune Moment To Examine OCI N.V. (AMS:OCI)?OCI N.V. ( AMS:OCI ), might not be a large cap stock, but it received a lot of attention from a substantial price...
分析記事 • Dec 17Is OCI (AMS:OCI) Weighed On By Its Debt Load?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
分析記事 • Nov 16A Look At The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights The projected fair value for OCI is €9.81 based on 2 Stage Free Cash Flow to Equity With €11.25 share...
お知らせ • Nov 13OCI Global to Pay Interim Extraordinary Distribution, Payable on 14 November 2024OCI Global announced it will pay an interim extraordinary distribution of EUR 14.50 per share in aggregate (~USD 3.3 billion) on 14 November 2024 to shareholders of record as of the close of business on 29 October 2024.
Upcoming Dividend • Oct 21Upcoming dividend of €14.50 per shareEligible shareholders must have bought the stock before 28 October 2024. Payment date: 14 November 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Dutch dividend payers (5.9%). Higher than average of industry peers (2.0%).
お知らせ • Oct 18OCI N.V. Announces Chief Executive Officer ChangesOCI Global announced that Mr. Ahmed El-Hoshy has informed the Board that he will resign as CEO of OCI after more than four years in the role, and that he will continue as the CEO of Fertiglobe on a full-time basis, to lead it through its next phase of growth. Mr. Hassan Badrawi, OCI's current Chief Financial Officer will assume responsibility as Chief Executive Officer of OCI. Mr. Beshoy Guirguis, OCI's current Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI US Nitrogen will assume the role of Chief Financial Officer of OCI. All changes will become effective immediately. In his Chief Executive role, Mr. El-Hoshy has led the Company's strategy to prioritize value accretive decarbonization growth across its global portfolio to become an industry leader in the ammonia and methanol sectors. Over the last year, Mr. El-Hoshy has played an integral role in the successful divestment of several business to strategic buyers to unlock significant value for shareholders. Previously, Mr. El-Hoshy led the growth of OCI's US and European businesses, as well as being heavily involved in the creation and subsequent initial public offering of Fertiglobe in 2021. Since joining OCI in 2009, Mr. El-Hoshy has held several positions across the Group including Global Chief Operating Officer, Chief Executive Officer of OCI Americas, and Director of Business Development and Investments. In his capacity as Group Chief Financial Officer reporting into the Executive Chair and the Board of Directors, Mr. Badrawi has been instrumental in directing OCI's M&A activities, in leading OCI's financial and capital markets strategy, and in assuming responsibility for the Finance, Investor Relations and Communications functions. Since joining OCI in 2001, Mr. Badrawi has held various leadership positions across Finance, Investor Relations, M&A, Corporate and Business Development, Strategy and Project Management. Mr. Badrawi also served on the Board of OCI Global and Fertiglobe.
お知らせ • Oct 17Oakley Capital Investments Limited Announces Chief Financial Officer ChangesOCI Global announced that Mr. Hassan Badrawi, OCI's current Chief Financial Officer will assume responsibility as Chief Executive Officer of OCI. Mr. Beshoy Guirguis, OCI's current Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI US Nitrogen will assume the role of Chief Financial Officer of OCI. All changes will become effective immediately. In his capacity as Group Chief Financial Officer reporting into the Executive Chair and the Board of Directors, Mr. Badrawi has been instrumental in directing OCI's M&A activities, in leading OCI's financial and capital markets strategy, and in assuming responsibility for the Finance, Investor Relations and Communications functions. Since joining OCI in 2001, Mr. Badrawi has held various leadership positions across Finance, Investor Relations, M&A, Corporate and Business Development, Strategy and Project Management. Mr. Badrawi also served on the Board of OCI Global and Fertiglobe. Mr. Guirguis currently serves as Vice President of Global Growth and Transformation, and Chief Financial Officer of OCI's US Nitrogen business. Previously, Mr. Guirguis was Chief Financial Officer of OCI Americas, including OCI Partners prior to its delisting. Since late 2011, Mr. Guirguis has been a key part of the leadership team responsible for OCI's growth and build out in North America, undertaking various roles including project development and financial management, and has extensive experience in the financial, industrial, and petrochemical industries.
お知らせ • Oct 10OCI N.V. to Report Q3, 2024 Results on Nov 12, 2024OCI N.V. announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024
お知らせ • Sep 30Woodside Energy Group Ltd (ASX:WDS) completed the acquisition of 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI).Woodside Energy Group Ltd (ASX:WDS) reached an agreement to acquire 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) for $2.4 billion on August 5, 2024. Purchase price consideration of $2.35 billion is on cash-free, debt-free basis. Woodside will pay 80% of the Purchase Price to OCI at closing of the Transaction, with the balance of the Purchase Price payable at Project Completion. The Transaction is subject to customary closing conditions and receipt of OCI shareholder approval. OCI’s Board of Directors has approved the Transaction and has recommended that its shareholders approve the Transaction. The Transaction is expected to close in H2 2024. Project is forecasted to be free cash flow accretive on a cumulative basis. Morgan Stanley & Co. International plc is serving as financial advisor to OCI on the Transaction. Allen Overy Shearman LLP and Vinson & Elkins LLP are acting as OCI’s legal advisors. Loyens Loeff has legal advised to Woodside. Woodside Energy Group Ltd (ASX:WDS) completed the acquisition of 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) on September 30, 2024. The all-cash consideration of approximately $2.35 billion is inclusive of capital expenditure through completion of the first phase, with $1.88 billion paid and the remaining $470 million to be paid at project completion.
お知らせ • Sep 10Methanex Corporation (TSX:MX) entered into a definitive agreement to acquire OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC for $2.02 billion.Methanex Corporation (TSX:MX) entered into a definitive agreement to acquire OCI Methanol group from OCI N.V. (ENXTAM:OCI), Alpha Dhabi Holding PJSC (ADX:ALPHADHABI) and Abu Dhabi Developmental Holding Company PJSC for $2.02 billion on September 8, 2024. A cash consideration of $1.15 billion will be paid by Methanex Corporation, 9.9 million common equity of Methanex Corporation to be issued and and the assumption of $450 million in debt and leases. Purchase price consideration of $2.05 billion on a cash-free and debt-free basis following a competitive process. OCI is expected to become an approximately 13% shareholder, and the second largest shareholder in Methanex following the Transaction. Acquisition expected to be immediately accretive to free cash flow per share. The transaction reflects TEV/EBITDA multiple of 7.5x. Methanex intends to fund the cash consideration of the transaction through a combination of cash on hand and new debt issuance. The Company has obtained a fully committed debt financing package from Royal Bank of Canada to support the transaction. Proceeds from the Transaction will be prioritized to significantly reduce OCI holding company gross debt and to return capital to shareholders. OCI holds 85% stake, and Alpha Dhabi Holding and ADQ holds 15% stake in OCI Methanol. The Transaction is expected to close in the first half of 2025 subject to satisfaction of certain regulatory approvals, customary closing conditions, and other closing conditions including TSX approval for the issuance of Methanex shares to OCI and receipt of OCI shareholder approval. The transaction has been approved by the boards of directors of both companies. An agreement to vote for the Transaction has been signed by the largest shareholder of OCI with an interest of approximately 39% in the Company. Morgan Stanley & Co. International plc is serving as financial advisor and A&O Shearman is acting as legal advisor to OCI. Methanex’s financial advisors for the transaction were Deutsche Bank and RBC Capital Markets. McCarthy Tétrault LLP, Baker McKenzie LLP, Loyens & Loeff N.V. and Reed Smith LLP acted as legal counsel for Methanex. Deutsche Bank and RBC Capital Markets provided fairness opinions to Methanex’s Board of Directors. Andrew Bab, Jennifer Chu of Debevoise & Plimpton LLP represented Deutsche Bank as financial advisor to Methanex Corporation.
New Risk • Sep 01New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$29m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future.
お知らせ • Aug 30Koch Fertilizer, LLC completed the acquisition of Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI).Koch Fertilizer, LLC entered into a binding equity purchase agreement to acquire Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) for $3.6 billion on December 18, 2023. The consideration consists of $3.6 billion on a cash free debt free basis, subject to a customary cash, debt and normalized level of working capital adjustment. Iowa Fertilizer Company, LLC team will join Koch Ag. Consummation of the transaction remains subject to receipt of certain US antitrust approval, regulatory conditions and other customary closing conditions. The transaction is expected to close in 2024. Proceeds from this transaction will be used to significantly reduce holding company debt; a return of capital to shareholders will be considered within the context of OCI’s capital returns framework and alongside future investment in decarbonization growth opportunities. Morgan Stanley & Co. International plc is acting as financial advisor and Casper Nagtegaal, Frank Hamming of De Brauw Blackstone Westbroek N.V. and Cleary Gottlieb Steen & Hamilton LLP is acting as its legal advisor to OCI. Barclays is serving as a financial advisor and Ashley Gullett and Bryan Davis of Jones Day is acting as its legal advisor to Koch. Koch Fertilizer, LLC completed the acquisition of Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) on August 29, 2024. Upon closing of the transaction, approximately 300 new employees joined the Koch Fertilizer family.
New Risk • Aug 08New major risk - Financial positionThe company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$29m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$29m free cash flow). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.
Buy Or Sell Opportunity • Aug 06Now 25% overvaluedOver the last 90 days, the stock has fallen 5.0% to €24.48. The fair value is estimated to be €19.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 52% over the last 3 years. Meanwhile, the company became loss making.
お知らせ • Aug 05Woodside Energy Group Ltd (ASX:WDS) reached an agreement to acquire 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) for $2.4 billion.Woodside Energy Group Ltd (ASX:WDS) reached an agreement to acquire 1.1 million metric tonnes Clean Ammonia project under construction in Beaumont, Texas from OCI N.V. (ENXTAM:OCI) for $2.4 billion on August 5, 2024. Purchase price consideration of $2.35 billion is on cash-free, debt-free basis. Woodside will pay 80% of the Purchase Price to OCI at closing of the Transaction, with the balance of the Purchase Price payable at Project Completion. The Transaction is subject to customary closing conditions and receipt of OCI shareholder approval. OCI’s Board of Directors has approved the Transaction and has recommended that its shareholders approve the Transaction. The Transaction is expected to close in H2 2024. Project is forecasted to be free cash flow accretive on a cumulative basis. Morgan Stanley & Co. International plc is serving as financial advisor to OCI on the Transaction. Allen Overy Shearman LLP and Vinson & Elkins LLP are acting as OCI’s legal advisors.
Reported Earnings • Aug 04Second quarter 2024 earnings releasedSecond quarter 2024 results: Revenue: US$494.9m (down 64% from 2Q 2023). Net loss: US$106.1m (loss widened 17% from 2Q 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in Europe.
分析記事 • Aug 02Some Confidence Is Lacking In OCI N.V.'s (AMS:OCI) P/SWhen close to half the companies in the Chemicals industry in the Netherlands have price-to-sales ratios (or "P/S...
分析記事 • Jul 15Is OCI (AMS:OCI) Using Debt In A Risky Way?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
分析記事 • Jun 27Calculating The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights Using the Dividend Discount Model, OCI fair value estimate is €25.09 With €23.27 share price, OCI appears...
分析記事 • Jun 08Is Now The Time To Look At Buying OCI N.V. (AMS:OCI)?While OCI N.V. ( AMS:OCI ) might not have the largest market cap around , it saw its share price hover around a small...
Reported Earnings • May 15First quarter 2024 earnings released: US$0.45 loss per share (vs US$0.34 loss in 1Q 2023)First quarter 2024 results: US$0.45 loss per share (further deteriorated from US$0.34 loss in 1Q 2023). Revenue: US$513.0m (down 63% from 1Q 2023). Net loss: US$93.7m (loss widened 31% from 1Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.
分析記事 • Apr 30Pinning Down OCI N.V.'s (AMS:OCI) P/S Is Difficult Right NowWhen close to half the companies in the Chemicals industry in the Netherlands have price-to-sales ratios (or "P/S...
分析記事 • Apr 10Health Check: How Prudently Does OCI (AMS:OCI) Use Debt?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
New Risk • Mar 31New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 103% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 239% Minor Risk High level of debt (103% net debt to equity).
Reported Earnings • Mar 22Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: US$3.71 loss per share (improved from US$4.15 loss in FY 2022). Revenue: US$1.96b (down 47% from FY 2022). Net loss: US$780.5m (loss narrowed 11% from FY 2022). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings.
分析記事 • Mar 21Calculating The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights Using the Dividend Discount Model, OCI fair value estimate is €25.92 OCI's €25.29 share price indicates it...
Reported Earnings • Feb 16Full year 2023 earnings: Revenues miss analyst expectationsFull year 2023 results: Revenue: US$1.96b (down 80% from FY 2022). Net loss: US$445.6m (down 136% from profit in FY 2022). Revenue missed analyst estimates by 3.3%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.
分析記事 • Jan 23Is Now An Opportune Moment To Examine OCI N.V. (AMS:OCI)?While OCI N.V. ( AMS:OCI ) might not have the largest market cap around , it saw a significant share price rise of 35...
分析記事 • Jan 06OCI (AMS:OCI) Has A Somewhat Strained Balance SheetDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
分析記事 • Dec 21Optimistic Investors Push OCI N.V. (AMS:OCI) Shares Up 25% But Growth Is LackingOCI N.V. ( AMS:OCI ) shareholders would be excited to see that the share price has had a great month, posting a 25...
お知らせ • Dec 18Koch Fertilizer, LLC entered into a binding equity purchase agreement to acquire Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) for $3.6 billion.Koch Fertilizer, LLC entered into a binding equity purchase agreement to acquire Iowa Fertilizer Company, LLC from OCI N.V. (ENXTAM:OCI) for $3.6 billion on December 18, 2023. The consideration consists of $3.6 billion on a cash free debt free basis, subject to a customary cash, debt and normalized level of working capital adjustment. Iowa Fertilizer Company, LLC team will join Koch Ag. Consummation of the transaction remains subject to receipt of certain US antitrust approval, regulatory conditions and other customary closing conditions. The transaction is expected to close in 2024. Proceeds from this transaction will be used to significantly reduce holding company debt; a return of capital to shareholders will be considered within the context of OCI’s capital returns framework and alongside future investment in decarbonization growth opportunities. Morgan Stanley & Co. International plc is acting as financial advisor and Cleary Gottlieb Steen & Hamilton LLP is acting as its legal advisor to OCI. Barclays is serving as a financial advisor and Jones Day is acting as its legal advisor to Koch.
Buying Opportunity • Dec 15Now 26% undervalued after recent price dropOver the last 90 days, the stock is down 23%. The fair value is estimated to be €27.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company became loss making.
分析記事 • Dec 07An Intrinsic Calculation For OCI N.V. (AMS:OCI) Suggests It's 30% UndervaluedKey Insights Using the 2 Stage Free Cash Flow to Equity, OCI fair value estimate is €26.20 Current share price of...
Reported Earnings • Nov 09Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: US$0.56 loss per share (down from US$1.50 profit in 3Q 2022). Revenue: US$1.07b (down 54% from 3Q 2022). Net loss: US$117.9m (down 137% from profit in 3Q 2022). Revenue missed analyst estimates by 25%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Chemicals industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.
お知らせ • Nov 06OCI N.V. to Report Q3, 2023 Results on Nov 07, 2023OCI N.V. announced that they will report Q3, 2023 results Pre-Market on Nov 07, 2023
New Risk • Oct 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 426% Cash payout ratio: 116% Minor Risks High level of debt (93% net debt to equity). Share price has been volatile over the past 3 months (4.8% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin).
分析記事 • Oct 01We Like These Underlying Return On Capital Trends At OCI (AMS:OCI)If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Ideally, a...
分析記事 • Sep 18Does OCI (AMS:OCI) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Major Estimate Revision • Sep 14Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$1.08 to US$1.31. Revenue forecast steady at US$5.50b. Net income forecast to grow 83% next year vs 3.1% growth forecast for Chemicals industry in the Netherlands. Consensus price target broadly unchanged at €31.24. Share price rose 4.8% to €26.24 over the past week.
分析記事 • Sep 04A Look At The Intrinsic Value Of OCI N.V. (AMS:OCI)Key Insights The projected fair value for OCI is €21.32 based on 2 Stage Free Cash Flow to Equity With €23.43 share...
Major Estimate Revision • Sep 01Consensus EPS estimates fall by 26%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$1.45 to US$1.08. Revenue forecast unchanged from US$5.49b at last update. Net income forecast to grow 76% next year vs 3.5% growth forecast for Chemicals industry in the Netherlands. Consensus price target of €31.01 unchanged from last update. Share price rose 4.8% to €23.43 over the past week.
分析記事 • Aug 22Should You Think About Buying OCI N.V. (AMS:OCI) Now?While OCI N.V. ( AMS:OCI ) might not be the most widely known stock at the moment, it saw a double-digit share price...
New Risk • Aug 04New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 426% Cash payout ratio: 117% Dividend yield: 26% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 426% Cash payout ratio: 117% Minor Risks High level of debt (93% net debt to equity). Profit margins are more than 30% lower than last year (2.6% net profit margin).
Reported Earnings • Aug 03Second quarter 2023 earnings released: US$0.43 loss per share (vs US$2.27 profit in 2Q 2022)Second quarter 2023 results: US$0.43 loss per share (down from US$2.27 profit in 2Q 2022). Revenue: US$1.37b (down 52% from 2Q 2022). Net loss: US$90.4m (down 119% from profit in 2Q 2022). Revenue is expected to decline by 7.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in the Netherlands are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth.
