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OCI Global

OCI.AS Small Cap

Basic Materials · Specialty Chemicals

Updated: May 22, 2026, 22:06 UTC

€3.86
+2.33% today
52W: €2.55 – €8.04
52W Low: €2.55 Position: 23.9% 52W High: €8.04

Key Metrics

P/E Ratio
—
Price-to-Earnings
Forward P/E
70.85x
Forward Price/Earnings
P/S Ratio
0.75x
Price-to-Sales
EV/EBITDA
—
Enterprise Value/EBITDA
Div. Yield
—
Annual dividend yield
Market Cap
$814.3M
Market Capitalization
Revenue Growth
11.4%
YoY Revenue Growth
Profit Margin
16.92%
Net profit margin
ROE
-20.7%
Return on Equity
Beta
0.33
Market sensitivity
Short Interest
—
% of float sold short
Avg. Volume
393,111
Average daily volume

Valuation Analysis

Signal
N/A
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
None
7 analysts
Avg. Price Target
€3.80
-1.59% upside
Target Range
€3.00 – €4.57

About the Company

OCI N.V. produces and distributes hydrogen-based and natural gas-based products to agricultural, transportation, and industrial customers in Europe, the Americas, the Middle East, Africa, Asia, and Oceania. It operates through Methanol US, Methanol Europe, and Nitrogen Europe segments. The company offers anhydrous ammonia, granular urea, urea ammonium nitrate solution, calcium ammonium nitrate, ammonium sulphate, ammonium nitrate + sulphur, renewable and lower carbon ammonia, nitric acid, melamine, carbon dioxide, and diesel exhaust fluid, as well as other nitrogen products. It also provides storage and shipment services for ammonia at the port of Rotterdam. The company was incorporated in 2013 and is headquartered in Amsterdam, the Netherlands.

Sector: Basic Materials Industry: Specialty Chemicals Country: Netherlands Employees: 761 Exchange: AMS

OCI Global Stock at a Glance

OCI Global (OCI.AS) is currently trading at €3.86 with a market capitalization of $814.3M. The 52-week range spans from €2.55 to €8.04; the current price is 52% below the yearly high. Year-over-year revenue growth stands at +11.4%. The net profit margin stands at 16.92%.

💰 Dividend

OCI Global currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.

📊 Analyst Rating

7 analysts rate OCI Global (OCI.AS) on consensus: None. The average price target is €3.80, implying -1.59% from the current price. Analyst price targets range from €3.00 to €4.57.

Investment Thesis: Strengths & Weaknesses

Strengths
  • Solid balance sheet with low debt (D/E 14.45)
Weaknesses
  • –Negative free cash flow

Technical Snapshot

50-Day MA
€3.55
+8.73% vs. price
200-Day MA
€3.66
+5.46% vs. price
Below 52W High
−52%
€8.04
Above 52W Low
+51.4%
€2.55

The price is in a transition zone relative to the moving averages — no clear signal.

Risk Profile

Market Risk (Beta)
0.33 · Defensive
Moves less than the overall market
Debt-to-Equity
14.45 · Low
Total debt / equity

The data points to relatively defensive market behavior.

Trading Data

50-Day MA: €3.55
200-Day MA: €3.66
Volume: 389,029
Avg. Volume: 393,111
Short Ratio: —
P/B Ratio: 0.88x
Debt/Equity: 14.45x
Free Cash Flow: $-566,562,496

OCI Global (OCI.AS) 2026: 3,78 EUR Dutch Methanol-and-Hydrogen Specialty-Chemicals Holding Post-Major-Asset-Sale Pivot with Sawiris-Family Anchor and Cash-Return Distribution Pipeline

The Real Story

OCI Global N.V. (Euronext Amsterdam: OCI) is a Dutch-headquartered specialty-chemicals-and-hydrogen producer in transformation. Following major-asset-sales in 2024 (Iowa Fertilizer plant to Koch Industries for 3,6 billion USD; Clean Ammonia Project equity-stake to ADNOC; Methanol partial-divestiture), OCI has paid approximately 6,5 billion USD of special-distributions to shareholders. The remaining business focuses on methanol (Beaumont Texas, BioMCN Delfzijl) and clean-ammonia-and-hydrogen development projects.

The 2024-2025 strategic-pivot under CEO Hassan Badrawi: continued asset-rationalization, hydrogen-and-clean-ammonia focus, plus continued special-distribution capital-return. Sawiris-family controlling shareholder via Onsi Sawiris Holding.

What Smart Money Thinks

OCI Global has Sawiris-family-controlled register. Onsi Sawiris Holding via family-affiliated entities holds approximately 30+ percent — strategic-control-anchor. BlackRock at approximately 5,2 percent, Capital Research at approximately 4,1 percent. Short-interest sits at approximately 5 percent of float as of May 2026.

Explore the BMI Smart-Money Tracker →

📈 The 3 Real Bull Points

#1 Continued special-distribution pipeline plus asset-rationalization unlocks shareholder value through 2026-2027

Post-2024 6,5 billion USD special-distributions plus continued methanol-and-other asset-rationalization could unlock additional 1-2 billion USD of special-distributions through 2026-2027 — representing approximately 1,20-2,40 EUR per share of incremental capital-return at current share-count.

#2 Hydrogen and clean-ammonia development projects create long-duration optionality value

OCI's clean-ammonia-and-hydrogen development projects (Beaumont Texas blue-ammonia, Rotterdam green-hydrogen) create long-duration optionality value. Hydrogen-and-clean-ammonia demand is forecast to grow 25-35 percent annually through 2030 from energy-transition tailwind.

#3 Sawiris-family 30+ percent control provides long-duration capital-allocation discipline and value-realization focus

Sawiris family-control plus 30+ year track-record at OCI provides Long-Duration-Capital-Allocation-Discipline. Family-aligned-with-value-realization rather than empire-building.

📉 The 3 Real Bear Points

#1 Methanol pricing cyclicality remains structural — Chinese-and-Saudi capacity overhang compresses pricing

Methanol pricing is structurally cyclical with Chinese-and-Saudi-capacity-overhang compressing pricing-power. If methanol-cycle-trough extends through 2026-2027, OCI's remaining methanol-segment-EBITDA could compress.

#2 Hydrogen and clean-ammonia development project execution risk — pricing-economics uncertain

Blue-and-green-hydrogen development project economics depend on subsidies (IRA-Section-45V, EU Innovation Fund) and customer-offtake-pricing. Execution-risk and pricing-uncertainty material.

#3 Forward-P/E 69x reflects elevated expectations post-major-restructure — multiple-compression risk

Forward-P/E 69x reflects expected hydrogen-and-clean-ammonia EPS-contribution. If projects slip or methanol-recovery underperforms, multiple compression risk material.

Valuation in Context

OCI at 3,78 EUR per share with approximately 211 million shares outstanding has a market capitalization of approximately 797 million EUR. Net cash plus modest debt produce EV approximately 600-700 million EUR.

Sum-of-parts: methanol-segment EBITDA approximately 120-180 million USD at mid-cycle pricing supports 600-900 million USD EV; hydrogen-clean-ammonia projects at risk-adjusted-DCF 300-600 million USD; cash and asset-sales-receivables 200-400 million USD. Total fair-value 1,1-1,9 billion USD or 5,20-9,00 EUR per share. Bear-case 2,40-2,80 EUR. Bull-case 9-12 EUR over 24-36 months.

🗓️ Next 3 Catalyst Dates

  1. 2026 Q3:

    H1 2026 earnings (early August 2026). Watch-items: methanol-pricing, hydrogen-project-progression, additional special-distribution announcements.

  2. 2027 Q1:

    Fiscal-2026 full-year results plus 2027 guidance.

  3. 2027 H2:

    Hydrogen-and-clean-ammonia project FID milestones.

💬 Daniel's Take

OCI Global is a Dutch methanol-and-hydrogen specialty-chemicals holding post-major-asset-sale with Sawiris-family anchor, continued special-distribution pipeline, and hydrogen-energy-transition optionality. Position-sizing: 0,3–0,8 percent.

Sources (3)

Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.

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