Inghams’ Shares Still Overvalued Despite Sell-Off
Despite falling by about 15% since the start of calendar 2019, shares in no-moat Inghams remain overvalued relative to our AUD 3.50 per share fair value estimate. While the company hasn’t provided any explicit earnings guidance, management recently confirmed it is comfortable with the current consensus estimates for fiscal 2019, which indicates about 3% EBITDA growth for the full year, broadly in line with our expectations.Our long-term earnings projections are broadly unchanged, and we forecas...
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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