Recent Insider Transactions • Jul 07
Executive Chairman recently bought €2.0m worth of stock On the 2nd of July, Nassef Onssy Sawiris bought around 487k shares on-market at roughly €4.04 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Nassef Onssy has been a buyer over the last 12 months, purchasing a net total of €52m worth in shares. Tillkännagivande • Jun 25
Nns Holding (Cyprus) Limited proposed to acquire remaining minority stake in OCI N.V. (ENXTAM:OCI). Nns Holding (Cyprus) Limited proposed to acquire remaining minority stake in OCI N.V. (ENXTAM:OCI) on June 24, 2026. NNS has sufficient resources available to finance the Offer.
The Board of Directors of OCI remains fully committed to unlocking the existing impasse and intends to provide a further update, including with respect to the transaction with Orascom Construction PLC, as soon as possible, recognizing that OCI's stakeholders expect certainty in the near future. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. CFO & Executive Director Beshoy Guirguis was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 21
OCI N.V., Annual General Meeting, Jun 02, 2026 OCI N.V., Annual General Meeting, Jun 02, 2026. Tillkännagivande • Apr 02
AGROFERT, 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. Tillkännagivande • Mar 10
OCI N.V. to Report Fiscal Year 2025 Results on Mar 16, 2026 OCI N.V. announced that they will report fiscal year 2025 results at 8:00 AM, Central European Standard Time on Mar 16, 2026 Tillkännagivande • Dec 09
Orascom 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. Tillkännagivande • Sep 03
OCI N.V. to Report First Half, 2025 Results on Sep 25, 2025 OCI N.V. announced that they will report first half, 2025 results on Sep 25, 2025 Tillkännagivande • Aug 04
OCI N.V. Confirms Third Quarter 2025 Extraordinary Cash Distribution, Payable on 5 September 2025 OCI 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. Tillkännagivande • Jun 27
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. 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. Tillkännagivande • Apr 14
OCI N.V., Annual General Meeting, May 21, 2025 OCI N.V., Annual General Meeting, May 21, 2025. Tillkännagivande • Mar 24
OCI N.V.(ENXTAM:OCI) dropped from FTSE All-World Index (USD) OCI N.V.(ENXTAM:OCI) dropped from FTSE All-World Index (USD) Tillkännagivande • Feb 07
OCI N.V. to Report Second Half, 2024 Results on Mar 14, 2025 OCI N.V. announced that they will report second half, 2024 results on Mar 14, 2025 Tillkännagivande • Nov 13
OCI Global to Pay Interim Extraordinary Distribution, Payable on 14 November 2024 OCI 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. Tillkännagivande • Oct 18
OCI N.V. Announces Chief Executive Officer Changes OCI 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. Tillkännagivande • Oct 17
Oakley Capital Investments Limited Announces Chief Financial Officer Changes OCI 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. Tillkännagivande • Oct 10
OCI N.V. to Report Q3, 2024 Results on Nov 12, 2024 OCI N.V. announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024 Tillkännagivande • Sep 30
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). 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. Tillkännagivande • Sep 10
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. 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 01
New major risk - Revenue and earnings growth Earnings 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. Tillkännagivande • Aug 30
Koch 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 08
New major risk - Financial position The 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 05
Now 23% overvalued Over the last 90 days, the stock has fallen 2.6% to €24.81. The fair value is estimated to be €20.11, 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. Tillkännagivande • Aug 05
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. 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 04
Second quarter 2024 earnings released Second 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 4.6% growth forecast for the Chemicals industry in Germany. Reported Earnings • May 15
First 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 4.2% growth forecast for the Chemicals industry in Germany. 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. New Risk • Mar 31
New minor risk - Financial position The 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 22
Full year 2023 earnings released: US$3.71 loss per share (vs US$4.15 loss in FY 2022) Full 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 is forecast to grow 32% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Germany. 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. Reported Earnings • Feb 15
Full year 2023 earnings released Full 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 is forecast to grow 32% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Chemicals industry in Germany. 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. New Risk • Dec 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 101% 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: Minor Risks High level of debt (101% net debt to equity). Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.4% average weekly change). Tillkännagivande • Dec 18
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. 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. Reported Earnings • Nov 09
Third quarter 2023 earnings released: US$0.56 loss per share (vs US$1.50 profit in 3Q 2022) Third 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 is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Chemicals industry in Germany. 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 18% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Nov 06
OCI N.V. to Report Q3, 2023 Results on Nov 07, 2023 OCI N.V. announced that they will report Q3, 2023 results Pre-Market on Nov 07, 2023 New Risk • Aug 04
New major risk - Dividend sustainability The 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 03
Second 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 Germany are expected to grow by 1.8%. 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. Tillkännagivande • Jul 29
OCI N.V. to Report Q2, 2023 Results on Aug 02, 2023 OCI N.V. announced that they will report Q2, 2023 results Pre-Market on Aug 02, 2023 New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% 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 Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (210% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • May 10
First quarter 2023 earnings released: US$0.34 loss per share (vs US$1.95 profit in 1Q 2022) First quarter 2023 results: US$0.34 loss per share (down from US$1.95 profit in 1Q 2022). Revenue: US$1.37b (down 41% from 1Q 2022). Net loss: US$71.7m (down 118% from profit in 1Q 2022). Revenue is expected to decline by 5.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 3.0%. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 06
OCI N.V. to Report Q1, 2023 Results on May 09, 2023 OCI N.V. announced that they will report Q1, 2023 results Pre-Market on May 09, 2023 Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €26.04, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Chemicals industry in Germany. Total returns to shareholders of 204% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €37.00 per share. Buying Opportunity • Apr 21
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €36.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 18% per annum. Earnings is also forecast to decline by 35% per annum over the same time period. Upcoming Dividend • Apr 13
Upcoming dividend of €3.50 per share at 22% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 26 April 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 22%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.5%). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €30.64, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Chemicals industry in Germany. Total returns to shareholders of 246% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.57 per share. Reported Earnings • Mar 25
Full year 2022 earnings released: EPS: US$5.89 (vs US$2.72 in FY 2021) Full year 2022 results: EPS: US$5.89 (up from US$2.72 in FY 2021). Revenue: US$9.71b (up 54% from FY 2021). Net income: US$1.24b (up 117% from FY 2021). Profit margin: 13% (up from 9.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 23
Executive Chairman recently sold €2.4m worth of stock On the 14th of March, Nassef Onssy Sawiris sold around 80k shares on-market at roughly €30.25 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 sale worth €2.5m. Nassef Onssy has been a net seller over the last 12 months, reducing personal holdings by €7.3m. Reported Earnings • Feb 15
Full year 2022 earnings released Full year 2022 results: Revenue: US$9.71b (up 54% from FY 2021). Net income: US$1.24b (up 117% from FY 2021). Profit margin: 13% (up from 9.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 26% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 1.8%. Tillkännagivande • Jan 26
OCI N.V. to Report Q4, 2022 Results on Feb 14, 2023 OCI N.V. announced that they will report Q4, 2022 results on Feb 14, 2023 Recent Insider Transactions • Dec 22
CFO, Executive VP & Executive Director recently sold €356k worth of stock On the 15th of December, Hassan Hassan Badrawi sold around 10k shares on-market at roughly €35.64 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Hassan has been a net seller over the last 12 months, reducing personal holdings by €737k. Buying Opportunity • Dec 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be €44.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 15% per annum. Earnings is also forecast to decline by 36% per annum over the same time period. Buying Opportunity • Nov 11
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €45.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is also forecast to decline by 36% per annum over the same time period. Reported Earnings • Nov 04
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$2.33b (up 52% from 3Q 2021). Net income: US$316.4m (up US$285.6m from 3Q 2021). Profit margin: 14% (up from 2.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 16% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to remain flat. Upcoming Dividend • Oct 20
Upcoming dividend of €3.55 per share Eligible shareholders must have bought the stock before 26 October 2022. Payment date: 31 October 2022. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 8.5%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (5.9%). Tillkännagivande • Oct 13
OCI N.V. to Report Q3, 2022 Results on Nov 04, 2022 OCI N.V. announced that they will report Q3, 2022 results on Nov 04, 2022 Recent Insider Transactions • Aug 27
CFO, Executive VP & Executive Director recently sold €201k worth of stock On the 25th of August, Hassan Hassan Badrawi sold around 5k shares on-market at roughly €40.22 per share. This was the largest sale by an insider in the last 3 months. This was Hassan's only on-market trade for the last 12 months. Reported Earnings • Aug 03
Second quarter 2022 earnings released: EPS: US$2.27 (vs US$0.70 in 2Q 2021) Second quarter 2022 results: EPS: US$2.27 (up from US$0.70 in 2Q 2021). Revenue: US$2.86b (up 95% from 2Q 2021). Net income: US$476.7m (up 226% from 2Q 2021). Profit margin: 17% (up from 10.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 8.3% compared to a 6.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 14
OCI N.V. to Report Q2, 2022 Results on Aug 02, 2022 OCI N.V. announced that they will report Q2, 2022 results on Aug 02, 2022 Upcoming Dividend • May 30
Upcoming dividend of €1.45 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 20 June 2022. Trailing yield: 8.5%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (5.0%). Recent Insider Transactions • May 25
Non-Executive Director recently sold €546k worth of stock On the 18th of May, Jerome Guiraud sold around 14k shares on-market at roughly €38.16 per share. In the last 3 months, they made an even bigger sale worth €1.5m. Despite this recent sale, insiders have collectively bought €247m more than they sold in the last 12 months. Recent Insider Transactions • May 18
Non-Executive Director recently sold €931k worth of stock On the 13th of May, Jerome Guiraud sold around 25k shares on-market at roughly €36.96 per share. In the last 3 months, they made an even bigger sale worth €1.5m. Despite this recent sale, insiders have collectively bought €247m more than they sold in the last 12 months. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: US$1.95 (vs US$0.47 in 1Q 2021) First quarter 2022 results: EPS: US$1.95 (up from US$0.47 in 1Q 2021). Revenue: US$2.33b (up 108% from 1Q 2021). Net income: US$409.7m (up 316% from 1Q 2021). Profit margin: 18% (up from 8.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 6.1%, compared to a 6.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 14
OCI N.V., Annual General Meeting, May 24, 2022 OCI N.V., Annual General Meeting, May 24, 2022. Recent Insider Transactions • Mar 09
Non-Executive Director recently sold €395k worth of stock On the 3rd of March, Jerome Guiraud sold around 15k shares on-market at roughly €26.31 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €250m more than they sold in the last 12 months. Reported Earnings • Feb 15
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: US$6.32b (up 82% from FY 2020). Net income: US$570.5m (up US$748.2m from FY 2020). Profit margin: 9.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 2.4%, compared to a 6.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 09
Third quarter 2021 earnings released The company reported a decent third quarter result with improved revenues, although losses increased and control over costs was weaker. Third quarter 2021 results: Revenue: US$1.54b (up 105% from 3Q 2020). Net loss: US$285.4m (loss widened US$248.4m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 03
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$1.46b (up 67% from 2Q 2020). Net income: US$146.3m (up US$148.7m from 2Q 2020). Profit margin: 10.0% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jul 16
Borealis Reportedly Puts Nitrogen Business on the Block Borealis AG has launched the sale of its nitrogen business in a potential EUR 500 million to EUR 600 million ($591 million to $709 million) deal, as it seeks to streamline operations, people close to the matter said. The company is working with Barclays on the sale of the Nitro business, which comprises its fertilizer, melamine and technical nitrogen operations and could attract suitors such as OCI N.V. (ENXTAM:OCI), EuroChem Group AG, Public Joint Stock Company Acron (MISX:AKRN), AGROFERT, a.s. and Fertiberia, S.A., they said. First-round offers, which could value Borealis Nitro at 5-6 times its core earnings of about 100 million, are due later this month, they added. Borealis is 75% owned by energy group OMV, while Abu Dhabi state fund Mubadala holds the remaining 25%. OMV and Barclays declined to comment, while Borealis was not available for comment. Recent Insider Transactions • Jul 04
Executive Chairman recently bought €251m worth of stock On the 29th of June, Nassef Onssy Sawiris bought around 12m shares on-market at roughly €20.60 per share. This was the largest purchase by an insider in the last 3 months. Nassef Onssy has been a buyer over the last 12 months, purchasing a net total of €253m worth in shares. Reported Earnings • May 06
First quarter 2021 earnings released: EPS US$0.47 (vs US$0.39 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$1.12b (up 38% from 1Q 2020). Net income: US$98.6m (up US$180.0m from 1Q 2020). Profit margin: 8.8% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Mar 24
Full year 2020 earnings released The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$3.47b (up 15% from FY 2019). Net loss: US$177.7m (loss narrowed 47% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2020 earnings released The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$3.47b (up 15% from FY 2019). Net loss: US$177.7m (loss narrowed 47% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 7.0%. Over the next year, revenue is forecast to grow 9.4%, compared to a 5.3% growth forecast for the Chemicals industry in Germany. Is New 90 Day High Low • Feb 11
New 90-day high: €18.33 The company is up 42% from its price of €12.93 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €40.20 per share. Is New 90 Day High Low • Jan 06
New 90-day high: €16.25 The company is up 44% from its price of €11.27 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.35 per share. Is New 90 Day High Low • Dec 07
New 90-day high: €15.63 The company is up 45% from its price of €10.75 on 08 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.71 per share. Is New 90 Day High Low • Nov 12
New 90-day high: €12.60 The company is up 4.0% from its price of €12.11 on 14 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €42.22 per share. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue misses expectations Revenue missed analyst estimates by 7.7%. Over the next year, revenue is forecast to grow 7.7%, compared to a 3.1% growth forecast for the Chemicals industry in Germany. Reported Earnings • Nov 08
Third quarter 2020 earnings released: US$0.18 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$751.9m (up 19% from 3Q 2019). Net loss: US$37.0m (loss narrowed 80% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Tillkännagivande • Aug 16
OCI N.V. to Report Q2, 2020 Results on Aug 27, 2020 OCI N.V. announced that they will report Q2, 2020 results on Aug 27, 2020