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Nutrien Inc. 2018 Earnings & Price Target Update

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Nutrien Inc. (NTR) operates in four business segments: retail, potash, nitrogen and phosphate and sulfate. The Retail segment comprising 53% of revenues distributes fertilizer, herbicide, seed and merchandise and provides services directly to growers through a network of farm centers in North and South America and Australia. The Potash, Nitrogen, and Phosphate and Sulfate segments together contribute 47% of revenues and are differentiated by the chemical nutrients contained in the products that each produces. Following the merger between Saskatchewan Potash Corp. and Agrium in Q1-2018, total assets as of Dec-31-2018 are estimated at $45B of which Agrium contributed $16B. This is after sale of $5.2B of assets required by competition regulators.

During the year, the Retail segment acquired 53 farm centers in North America and Australia and companies operating within the digital agriculture, proprietary products, and agricultural services business. Benefits of the acquisitions include expansion of geographical coverage for the sale of crop input products, increased customer base and workforce, continued growth in the digital agricultural field and synergies between Nutrien and the acquired businesses.

The Agrium Inc. and Potash Corporation of Saskatchewan merger was completed on Jan-2-2018 to form Nutrien Corp (NTR- TSX/NYSE). Nutrien Corp is now the largest producer of potash and second-largest producer of nitrogen fertilizer worldwide. Nutrien is more than twice as large as each of its next three competitors. Potash Corp's operations in Canada represent one-fifth of global capacity. In addition they had four potash-related businesses in Latin America, the Middle East and Asia that were sold to meet competition regulations. Potash Corp. mining and processing is their largest segment followed by nitrogen and phosphate. Agrium produces nitrogen, potash and phosphate fertilizers, with a combined wholesale nutrient capacity of over 9M tons. The merger will accelerate Retail growth by combining Potash Corps low cost potash production with Agrium's extensive distribution network. The combined nitrogen assets will create the second largest North American nitrogen producer. The merger was approved by shareholders of both companies in Nov-2016. Regulators in India and China approved the subject to Potash selling their minority interests in the Arab Potash Company, Israel Chemicals Ltd, the Sociedad Quimicay Minera de Chile S.A., and Sinofert Holdings Limited over the next 18 months. Agrium has agreed to dispose of their Canadian phosphate and the Conda phosphate operations and North Bend nitrogen facilities. Sales are expected to be complete by Sept-2018.

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