Corporate Action: Take Up Entitlements Issue Given the Discount to Fair Value. FVE Down to AUD 6.85
We marginally lower our fair value estimate for no-moat-rated crop protection company Nufarm to AUD 6.85 per share from AUD 7.00 prior. The decline is equivalent to the bonus element in a new AUD 303 million entitlement issue, so no decline in real terms. Fiscal 2018 earnings marginally disappointed but not to the detriment of our longer-term outlook. Including foreign exchange expense, underlying NPAT fell 28% to AUD 98 million, 7.5% below our AUD 106 million forecast, with depreciation up a hi...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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