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Nutrien Inc - Q2-2020 Earnings, Price Target Update

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Nutrien Inc. (NTR) operates in four business segments: potash mining, retail distribution, nitrogen and phosphate fertilizer processing. The Retail segment contributing approximately 60% of profit margins 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 segment contributes about 28% of profit margins. Nutrien provides 20% of the global potash production from six potash mines located in Saskatchewan. Nitrogen fertilizer production contributes 13% of profit margins. Nitrogen fertilizer is made from ammonia at nine major facilities in North America and Trinidad. Phosphate production contributes nil to profit margins. Both phosphate facilities are located in the US, near key fertilizer consuming markets and industrial customers. Agrium Inc. and Potash Corporation of Saskatchewan merged in Jan-2018. Potash Corp was the world's largest crop nutrient company playing an integral role in global food production. The company produces the three essential nutrients required to help farmers grow healthier, more abundant crops. With global population rising and diets improving in developing countries, these nutrients offer a responsible and practical solution to meeting the long-term demand for food. Potash Corp is the largest producer, by capacity, of potash and one of the largest producers of nitrogen and phosphate. While agriculture is its primary market, the company also produces products for animal nutrition and industrial uses. Agrium Inc. is a major global producer and distributor of agricultural products, services and solutions. Nutrien combines the production capacity of Potash Corp with the distribution network of Agrium.

Following the merger between Saskatchewan Potash Corp. and Agrium in Q1-2018, total assets as of Dec-31-2018 were estimated at $45B of which Agrium contributed $16B. This is after sale of $5.2B of assets required by competition regulators. Total assets as at Dec-31-2018 of $45.5B increased to $46.8B at Dec-31-2019, from acquisitions and growth capital spending.

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. Agrium was a major retail supplier of agricultural products and services in North America, South America and Australia and a wholesale producer and marketer of all three major agricultural nutrients and a supplier of specialty fertilizers in North America.

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