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Strategies & Market Trends : Value Investing

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Area51

To: E_K_S who wrote (73225)	8/1/2023 10:05:04 AM
From: Elroy	1 Recommendation of 78817

Yes, UAN fertilizer tons sold was low. They took at $20m charge for working capital. That probably reverses in Q3 or Q4. If not for those two factors, distribution would have been closer to $7 or $8. I think UAN is OK now, but there's a reasonable chance that the Q3 distribution is zero (fertilizer prices for summer fill were well below the just reported Q2 prices), and after that CVR is back to $3 or more per quarter. So I think buying or holding here depends on how patient you are. I plan to watch, and consider re-entering in January 2024 if the price is low enough.

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