- We reiterate our BUY rating for DGC despite cutting our target price by 32% as we reduce our 2023F/2024F/2025F core EBITDA by 36%/12%/4%.

- For 2023F, we lower our projected sales volume and ASP by ~15% and 9%, respectively, due to weaker-than-expected demand and commodity prices — especially from the Indian market — as well as a slower-than-expect contribution of a new source of cheap input phosphate rock.

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