No-Moat Nufarm Represents Rare Value, and Seeds (Omega-3) Could Surprise.
At AUD 5.00, Nufarm Limited shares screen as materially undervalued. Australian drought and teething issues with recent AUD 575 million European acquisitions fuel fears of an equity raising. Lawsuits against glyphosate manufacturer Bayer haven't helped sentiment. But we think working capital fears are overdone and expect issues to substantially unwind in second-half fiscal 2019 in the main planting season. Our AUD 7.00 fair value estimate posits Nufarm eking out respectable 4.7% five-year revenu...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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