Morningstar | Operating Issues and Weather Have Cut AUD 200 million from EBIT Expectations Since November 2018
Incitec Pivot is a leading global explosives company and Australian fertiliser manufacturer/distributor. Explosives provide greater earnings stability, with fertilisers lacking pricing power. Incitec Pivot is in an explosives duopoly position in Australia with Orica, and it has a similarly strong position in the United States. Growth is driven by mineral commodities volumes and quarrying. Fertilisers is a cyclical business, and despite a strong domestic market position, earnings are volatile and subject to competition from imports. Demand for fertilisers could, however, increase to meet growing food requirement from Asia. The balance sheet was somewhat stretched, but cash flow is increasing since the Louisiana ammonia plant ramped up in 2017.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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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