GrainCorp’s 1H18 Sees Tough Conditions, but Better Weather and Operational Improvements Ahead
The first half of no-moat GrainCorp’s fiscal 2018 puts the firm on pace to meet our full-year projections. The year remains a tough one for the core grain storage, logistics, and marketing division given challenged Australian growing conditions and bumper crops overseas. While GrainCorp’s malt and oil businesses are steadier, consolidated EBITDA is set to fall more than 35% in fiscal 2018 to roughly AUD 250 million. Nonetheless, management flagged these challenges in February, and reiterated gui...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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