Efficiency and industry tailwinds will improve performance, but powerful customers limit upside.
We are initiating coverage of newly floated Inghams Group, or Ingham's, with an AUD 3.50 per share fair value estimate, a no-moat rating and high fair value uncertainty rating. The final listing price of AUD 3.15 per share was below the bottom of the original indicative price range of AUD 3.57 to AUD 4.14 per share, and our fair value estimate. The size of the offer has also been significantly reduced and private equity firm TPG will retain a 47% interest. Ingham's closed at AUD 3.22 per share o...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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