FVE Increased for No-Moat Incitec Pivot Following Better-Than-Expected Margin Improvement
We increase our fair value estimate by 15% to AUD 3.15 per share, two thirds due to higher forecast margins and one third on time-value-of-money. We increase our fiscal 2017 EPS forecast by 8% to AUD 0.29. The upgrade comes despite lower-than-expected underlying first-half 2017 NPAT, up 11% to AUD 152.1 million against our AUD 185 million forecast. Our profit overcall didn’t sufficiently account for the impact on Southern Cross International of low fertiliser prices, and overstated the contribut...Incitec Pivot is engaged in the manufacturing and distribution of industrial explosives, industrial chemicals and fertilisers, and the provision of related service. Co.'s Asia Pacific business consists of the: Dyno Nobel Asia Pacific, which manufactures and sells industrial explosives and related products and services; Southern Cross International, which manufactures ammonium phosphates and is a distributor of its manufactured fertilizer product; and Incitec Pivot Fertilisers, which manufactures and distributes fertilizers in Eastern Australia. Co.'s Americas business comprises the Dyno Nobel Americas, which manufactures and sells industrial explosives and related products and services.
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