Ain’t No Sunshine When the Rain is Gone for GrainCorp, but Better Days Ahead
GrainCorp’s initial fiscal 2018 outlook slightly trails our own recently reduced forecast, as a greater fall in exports and lower Marketing profitability look to drive an even greater earnings decline. We reduce our fair value estimate for the no-moat firm to AUD 8.30 from AUD 8.50 per share. As discussed in our Jan. 23, 2018 note, “GrainCorp Faces a Difficult Season, but Conditions Will Improve in the Long-Run,†we expect improving long-term earnings and cash flow from an eventual return to mor...
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