GrainCorp Guides for a Strong Fiscal 2017 Result. FVE Unchanged
We retain our AUD 8.50 fair value estimate for no-moat GrainCorp following guidance for a strong fiscal 2017 result due to the record Australian east coast winter crop and continued growth in the Malt business. The guidance range was above our forecasts and moderately above average market estimates, but we believe the wide guidance range and big uplift in earnings highlights the risks that come with investing in agricultural stocks from high earnings cyclicality from grain volumes, driven by vol...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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