It’s Not Threes It’s Fours; Another Fiscal 2019 Earnings Downgrade for IncitecPivot.
Our AUD 3.00 per share fair value estimate on no-moat IncitecPivot is unchanged. That’s despite reducing our fiscal 2019 EPS forecast yet again, this time by 9% to AUD 0.21. Our last note said bad news tends to come in threes, and IncitecPivot had had its three. Apparently not, with still more issues plaguing troubled operations across the globe. Nevertheless, we stubbornly hold to the view the ramifications are not long term in nature, with much in the latest imposts coming down to extreme weat...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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