Our AUD 6.00 Nufarm Fair Value Estimate Stands Despite Share Price Strength
Our AUD 6.00 fair value estimate is unchanged. Nufarm shares have largely held on to the strong 40% price gains from AUD 6.30 February 2016 lows, and at AUD 8.80 we think remain materially overvalued. We think the market is pricing in potential for a takeover bid while our fair value is necessarily on a stand-alone basis. Enthusiasm for the company’s restructuring program is an added tailwind. Low growth in crop protection markets over the past two years sees five of the top six industry players...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.
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