Nufarm’s 1H18 Earnings Short of our Target but Real Hay is Made in the Second Half
Our AUD 7.00 per share fair value estimate for no-moat Nufarm stands. Underlying first-half fiscal 2018 NPAT halved to AUD 10.7 million, well below our AUD 30 million forecast. However, materiality is limited due to earnings being strongly seasonal and the second half generally accounting for some 85%-90% share of yearly NPAT.Nufarm had projected half-year EBIT in the range of AUD 70-80 million, with Latin America in line with last year and Australia and New Zealand impacted by the Laverton pla...
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.
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