Validity of Revenue Growth Projections for No-Moat Nufarm Explored. FVE Upgraded to AUD 7.00.
We upgrade our Nufarm fair value estimate to AUD 7.00 per share from AUD 6.85, equivalent to the time value of money. This assumes little-changed five-year revenue CAGR of 4.8% to AUD 4.2 billion by fiscal 2023, and a midcycle EBITDA margin of 14.5%. The margin assumption betters the five-year historical average of 11.4%, crediting favourable growth prospects, recent accretive European acquisitions and cost-outs. EBITDA margin was 13.4% in second-half fiscal 2018 despite severe Australian drough...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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