Nufarm is exposed to growing demand for food and agricultural products, but earnings are cyclical.
We support Nufarm’s AUD 690 million acquisition of Adama and Syngenta’s Europe product portfolios (Century). However, we don’t recommend participation in the associated fully underwritten AUD 446 million entitlement offer, as the AUD 7.50 issue price is at a 17% premium to our AUD 6.50 fair value estimate. Thankfully, the offer is renounceable, meaning retail shareholders can trade their entitlements. Pleasingly, Retail rights trading begins on Oct. 27, well before the start-of-trading of Instit...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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