GrainCorp's Malts Divestiture Doesn't Move our Fair Value Estimate
No-moat GrainCorp is rumoured to be selling another asset. Per The Australian newspaper, a global buyout fund is in the late stages of securing a purchase of GrainCorp’s global malt processing business, which would follow the recent sale of the bulk liquid storage business (discussed in our March 4 note, “GrainCorp’s Asset Sale Fetches Good Price, but Takeover Bid Remains; FVE to AUD 9.60â€). We’ve long been fans of the malt segment. It offers geographic diversification versus GrainCorp’s Austral...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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