No-Moat IncitecPivot Disappoints with Worse Than Anticipated 1H. No Change to AUD 3.00 FVE.
Our AUD 3.00 fair value on no-moat IncitecPivot is unchanged. While the company reported weaker than expected underlying first-half fiscal 2019 NPAT, down 70% to AUD 41.9 million, the drivers are transitory, and our long-term forecasts stand. The company in the lead-up to this result flagged a combined AUD 195-235 million in EBIT detractions, including a one-in-one-hundred-year flood of the rail line to Phosphate Hill, unplanned down-time at Louisiana ammonia, and separate gas supply issues to i...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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