Incitec Pivot’s Improved Fiscal 2017 Result Meets Expectations, no Change to AUD 2.65 FVE
We make no change to our AUD 2.65 fair value estimate and only a very minor increase to our fiscal 2018 EPS forecast, up 3% to AUD 0.25 from AUD 0.24 prior. Incitec Pivot reported an 8% increase in underlying fiscal 2018 NPAT to AUD 319 million, just 5% shy of our AUD 336 million forecast. The 3% increased unfranked AUD 0.09 dividend was below our AUD 0.105 forecast on a 48% payout. At the current AUD 3.75 share price, Incitec trades on a noncompelling fiscal 2017 PE and yield of 20 and 2.4% res...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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