Mar. 20 at 2:16 PM
$MOS vs
$IPI BofA says be selective on fertilizer names. Look at the input cost exposure.
$MOS buys ammonia + sulfur for its phosphate segment. Both spiking from Hormuz disruption.
$250M EBITDA headwind from sulfur per their own Q4 call (BEFORE the war started).
$IPI doesn't use either. Potash produced via solar evaporation. And their Trio product is mined langbeinite, sulfate baked into the rock. Rising sulfur prices = Trio pricing upside, not margin compression. U.S. domestic producer, energy efficient operations with no Hormuz risk.
One has input cost problems. The other has a tailwind. This is why I own
$IPI
