Inghams Manages to Defend Margins Despite the Higher Feed Prices, FVE Unchanged
No-moat-rated Inghams reported a fiscal 2019 interim underlying NPAT of AUD 55 million, a 5% decline on the previous corresponding period, or pcp. However, this decline was primarily a function of a higher effective tax rate (increased to 29.5% following changes in New Zealand tax legislation), whereas revenue and EBITDA grew by 3% and 4%, respectively. At the current pace, the firm is tracking towards our AUD 111 million full-year NPAT estimate. The board declared an interim fully franked divid...Inghams Group is engaged in the production and sale of chicken and turkey products accross its vertically integrated primary, free range, value enchanced, further processed and ingredient categories. Additionally, stockfeed is produced primarily for internal use but also for the poultry, pig, dairy and equine industries. Co.'s two main areas of operations consist of Poultry – production and sale of chicken and turkey products across primary, free range, value enhanced, further processed and ingredients; and Stockfeed – production of stockfeed for use by the poultry, pig, dairy and equine industries. The majority of feed produced is for internal use in Co.'s poultry business.
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