CTVA - Mosaic: Turnaround With A Great Entry Setup

• The agriculture sector has recently sold off on the slightly hawkish FED announcement, providing an entry opportunity in MOS.
• In the medium term, droughts in the USA and Brazil will increase fertilizer prices throughout 2H 2021 and into 2022, possibly 2023.
• MOS valuations have come down significantly, while earnings expectations are high and stable.
• There is a possibility, given the macro situation, of further earnings revisions upwards in 2H 2021, as well as 2022 onwards.

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