Ingham's Strong Poultry Volumes Weighed Down by Pricing Pressure; Fair Value Estimate Unchanged
Our AUD 3.50 per share fair value estimate for no-moat-rated Ingham's is unchanged despite a strong fiscal 2017 interim result. At the current price, the shares are fairly valued.Pro forma net profit after tax, or NPAT, increased 13.8% on the prior corresponding period, or PCP, to AUD 51.3 million, and is tracking towards the reaffirmed prospectus forecast of AUD 98.8 million. The result was underpinned by stronger poultry volumes, offset by weaker pricing and modest margin expansion as the co...
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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