Market Unimpressed as More Plant Issues Plague Incitec Pivot; No change to our AUD 3.00 FVE
Our AUD 3.00 per share fair value estimate is unchanged. That’s despite reducing our fiscal 2019 EPS forecast by 10% to AUD 0.28. We think the drivers are short-term only, and long-term assumptions remain intact. No-moat Incitec Pivot says a combination of plant outages have had a negative EBIT impact of AUD 45 million on fiscal 2019. We reduce our fiscal 2019 EBIT estimate by an equivalent AUD 45 million to AUD 717 million from AUD 762 million.First the Louisiana ammonia plant suffered downtim...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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