Nufarm is exposed to growing demand for food and agricultural products, but earnings are cyclical
Our AUD 6.00 fair value estimate is unchanged for no-moat Nufarm and long-term assumptions are essentially intact. Underlying first-half 2017 NPAT doubled to AUD 0.05 per share, half our targeted improvement but from a low base. Our overcall largely reflects higher-than-anticipated depreciation, a noncash item. We consequently reduce our fiscal 2017 and 2018 earnings forecasts by 17% and 5% to AUD 0.42 per share and AUD 0.57 per share, respectively. However, EBITDA improved by 29% to AUD 129 mil...Nufarm operates in two segment: crop protection and seed technologies. Co.'s crop protection segment is engaged in the manufacture and sale of crop protection products used by farmers to protect crops from damage caused by weeds, pests and disease and is managed by several geographic segments, being Australia and New Zealand, Asia, Europe, North America and Latin America. Co.'s seed technologies segment is engaged in the sale of seeds and seed treatment products and is managed on a worldwide basis.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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