Despite Formalising Its Agreement with Woolworths, Ingham’s Likely to Remain a Price Taker
Our AUD 3.50 per share fair value estimate for no-moat-rated Ingham's is unchanged, despite the recent extension of its agreement as the majority supplier of poultry products to Woolworths supermarkets in Australia until mid-2021. At present, the shares are trading broadly in line with our intrinsic value assessment.Ingham's has historically supplied its customers on an uncontracted basis. However, management is pursuing more formalised long-term agreements, which we believe makes sense and sho...
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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