Nutrien (NTR) was up 6% yesterday on the back of Hormuz shipping disruptions, which sent the peer group higher…

… given the Strait sees a huge share of the world’s trade in urea, ammonia, sulfur and phosphates. That could impact NTR’s potential phosphate sale…

… and improve the economics of its nitrogen business, which accounts for ~15% of total company revenue…

… but a third of its EBITDA, given strong segment-level margins. If the 2021-2022 surge in fertilizer prices is any indication of what comes next, Nutrien is positioned to print…

… which could drive multiple expansion in anticipation of positive estimates revisions by the street.

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