Agrium Reaffirms 2017 Guidance Midpoint; We Raise Our Fair Value Estimates on Lower Tax Assumption
Agrium reported first-quarter results in line with our expectations. Management narrowed its 2017 earnings per share guidance range and kept the midpoint unchanged at $5.25, which we think remains achievable. The retail segment once again generated year-over-year growth, while weak fertilizer prices remain a headwind in the wholesale category. As we transfer coverage to a new analyst, our fair value estimate ticks up to $114 per share from $113 to account for Morningstar’s updated outlook on U.S...Agriumis a retailer of agricultural products and services in the U.S., Canada, Australia, Argentina, Brazil, Chile and Uruguay and a producer and wholesale marketer of nutrients for agricultural and industrial markets. Co. reported its business through two business units, Retail, which operates in North and South America and Australia, providing crop inputs and services directly to farmers; and Wholesale, which operates in North and South America and Europe, and produces, markets and distributes all major crop nutrients for agricultural and industrial customers both domestically and around the world.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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