The Mosaic Company


SKU: MOS Category:


This is our first report on the Mosaic Company, one of the largest producers and marketers of concentrated phosphate and potash crop nutrients. The company delivered a disappointing set of results in the last quarter failing to meet Wall Street expectations in terms of revenues as well as earnings. The good news is that it did generate a sizable amount of cash flow, which enables the company to return a large amount of capital to shareholders while simultaneously continuing to invest in future growth. Global food security is still a problem. The stock-to-use ratios for grains and oilseeds worldwide are still near 20-year lows, and preliminary data points to a possible additional decline in overall production after the autumn harvest. Besides, the weather in the U.S. prevented spring planting, and the short planting window limited nutrient treatments. High temperatures and dryness in some locations also affected the growing season. Mosaic Fertilizantes has further maintained its strong performance. To sum up, the stability of crop prices and lower fertilizer prices indicate that nutrient demand will rebound from the summer slowdown they witnessed in Q3. We initiate coverage on the stock of The Mosaic Company with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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