We Downgrade our Incitec Pivot FVE by 15% to AUD 2.65 After Lowering Margin Assumptions
We downgrade our fair value estimate by 15% to AUD 2.65 and reduce fiscal 2017 and fiscal 2018 EPS forecasts by 30% and 37% to AUD 0.20 and AUD 0.24, respectively. The change chiefly reflects a tempered benefit assumption from the newly commissioned WALA ammonia plant in Louisiana. We were too aggressive in our expectations, particularly in the near term, although we still expect the plant to prove transformational over the medium term. The decline in near-term earnings is exacerbated by fertili...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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