Incitec Pivot can benefit from a technologically superior product offering.
We make no change to our AUD 3.00 per share fair value estimate for explosives company Incitec Pivot. Underlying first-half fiscal 2018, NPAT increased by 23% to AUD 147 million, falling 18% shy of our AUD 179 million forecast. The miss reflects greater-than-expected impact from turnarounds at Cheyenne and St Helens plants, and an unplanned outage at Gibson Island. This increased effective manufacturing costs, with EBITDA margin rising to just 22.8% from 21.2%, below our 25% forecast. The increa...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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