Rising Input Costs Likely to Remain a Headwind for Inghams
Shares in Inghams are overvalued relative to our unchanged AUD 3.50 per share fair value estimate. We believe the market is overly optimistic about the likelihood Ingham’s will be retain the expected margin gains, following the ongoing cost-cutting program. Whilst we project the company to extract efficiencies in the near term, the intense competition from rival Baiada, exacerbated by the relatively weak bargaining position with supermarkets Coles and Woolworths, will limit the upside. These are...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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