Rubicon - Growth to come after FY19 challenges
FY19 represented Rubicon/ArborGen’s first full year as a unified company under single parent ownership. Some restructuring activity and extreme weather events held back in-year sales performance and the latter also have implications for mix in the next couple of years. Nevertheless, ArborGen’s market positions remain strong and we believe that this will translate to good earnings growth in each of our estimate years, albeit at a slower rate than we previously anticipated. Our core DCF is now NZ$0.71 per share at the gross equity valuation level.Rubicon is a holding company. Through its subsidiaries and associate, Co. is engaged in funding, distribution and processing of forestry biotechnology. Co. operates in two business segments: Appearance and Wood Products, and Biotechnology.
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