Rain Has Gone Away, but Will Come Again Another Day; GrainCorp's Shares Slightly Undervalued
The current grain growing season is not shaping up to be a bumper year for no-moat GrainCorp. But despite continued near-term macro challenges, we believe the firm is pursuing a reasonable strategy that will remove fixed costs, lower invested capital, and improve flexibility to deal with uncertain yearly conditions. And with an average crop year likely much better than the challenging circumstances seen recently along Australia's eastern seaboard, our long-term outlook for the firm remains intac...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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