No-Moat Nufarm’s FVE Increased to AUD 7.00 Despite Muted First-Half 2018 Guidance
We increase our fair value estimate for no-moat Nufarm by 7.5% to AUD 7.00 per share from AUD 6.50. The primary driver is the time value of money; in addition, two recently announced positives assist the decision to upgrade. These include approval for omega-3 canola and the purchase of another European herbicide portfolio. The fair value upgrade comes despite a 6.5% reduction in our fiscal 2018 EPS forecast to AUD 0.56, in line with recent guidance. Near term detractions don’t take away from lon...
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