We reiterate our OUTPERFORM rating — despite a 53% share price rally over the last four months — as we raise our earnings forecasts thanks to (1) DGC’s new midstream phosphorus projects, (2) ongoing strong global demand for phosphorus chemicals that beat our expectations and (3) our incorporation of DGC’s upcoming residential real estate project. We raise our target price by 54% as we lift our aggregate 2021-2023 EBITDA forecasts by 36%. Excluding real estate, our forecasts imply 2020-2023F