Incitec Pivot Offers Much that Appeals at the Right Price But Remains Overvalued
We have completed an in-depth analysis of Incitec Pivot and Orica in our special report “Market Underplays Commodity Price Risk in Orica and Incitec Pivot.†We maintain, both Orica and Incitec Pivot are overvalued, with Orica marginally the cheaper on a price/fair value of 1.15 to Incitec Pivot's 1.25. That despite our increasing Orica’s fair value estimate by 10% to AUD 16.50 and Incitec Pivot’s by 13% to AUD 3.00. Fair value upgrades chiefly reflect increased near-term revenue growth expectati...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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