Record East Coast Crop Sows the Seeds for Bumper Profit Harvest for GrainCorp in Fiscal 2017
We maintain our AUD 8.50 per share fair value estimate for no-moat-rated GrainCorp following its strong first-half fiscal 2017 result. The result was broadly in line with our expectations, and guidance was reaffirmed. At current levels, GrainCorp shares are overvalued. Diversification into malt and oilseed crushing have helped diversify earnings; however, GrainCorp is still a highly cyclical business leveraged to volatile seasonal conditions. The wide guidance range and big uplift in earnings hi...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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