Operating Issues and Weather Have Cut AUD 200 million from EBIT Expectations Since November 2018
Our AUD 3.00 per share fair value estimate on no-moat IncitecPivot is unchanged. That’s despite reducing our fiscal 2019 EPS forecast by another 18% to AUD 0.23 due to an extended rail outage for Phosphate Hill. We think the drivers are short-term only, and long-term assumptions remain intact. Despite this, the company must feel like a bit of a punching bag. Recent Queensland flooding has elicited a statement from Queensland Rail that it doesn’t expect the line between Phosphate Hill and Townsvi...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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