GrainCorp FVE Increased to AUD 8.50 on Sale of Allied Mills and Better Crop Forecasts
We increase our fair value estimate for no-moat-rated GrainCorp to AUD 8.50 per share from AUD 8.00, following the sale of its stake in Allied Mills Australia and the upgrade to fiscal 2017 crop forecasts. At current levels, GrainCorp trades above our upgraded fair value estimate.GrainCorp has sold its 60% stake in Allied Mills to private equity group Pacific Equity Partners for AUD 190 million before tax and transaction costs. This is a good outcome for GrainCorp. Allied Mills is one of Austr...
GrainCorp is a food ingredients and agribusiness company. Co. focuses its activities on three main grains (wheat, barley and canola). Co.'s reporting segments are: Storage and Logistics, which include grain receivals, transport, testing, storage of grains and other bulk commodities; Marketing, which markets grain and agricultural products and operates grain pools; Malt, which produces malt products, provides brewing inputs and other malting services, sells farm inputs, and exports malt; and Oils, which includes the processing and crushing of oilseeds. Co. also has a 60.0% joint venture interest in Allied Mills Australia Pty Ltd, a supplier of milled edible flour for human consumption.
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