Graincorp Reports a Mixed Fiscal 2016 Result Largely as Expected
We raise our fair value estimate for no-moat-rated Graincorp to AUD 8.00 per share from AUD 7.80 following the fiscal 2016 result reflecting modest changes to our earnings forecast. The underlying themes of the result were largely as expected with underlying EBITDA up 9% to AUD 256 million and in line with our forecast. Malt was the standout division as expected and was stronger than we forecast reflecting strong demand and efficiency improvements. Oils remained challenged but was even weaker th...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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