We downgrade DPM to an OUTPERFORM rating. Near-term profits will be under pressure due to margin pressure resulting from an input gas price recovery outpacing a recovery in urea prices. Still, we remain positive on the long-term outlook given an imminent urea price recovery and the new NH3-NPK plant coming on-stream. The current valuation is roughly in line with a historical ~40% discount to peers, but the 10.8% dividend yield is very attractive.