No Longer-Term Implication for Incitec Pivot from Less-Than-Expected Fiscal 2018 Earnings Increase
Our AUD 3.00 per share fair value estimate for Incitec Pivot is unchanged. The company reported a 9% increase in underlying fiscal 2018 NPAT to AUD 347 million, 10% below our AUD 384 million forecast. Underlying NPAT excludes a AUD 236 million aftertax write-down on goodwill in Dyno Nobel Asia Pacific, or DNAP, partially offset AUD 97 million restatement of deferred U.S. tax liabilities. We discern no major implications for our longer-term assumptions. Incitec Pivot’s share price fell more than ...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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