Challenging Year Ahead For Incitec Pivot
As outages for maintenance in the year ahead create challenges for Incitec Pivot this should be countered by improved fertiliser prices and a recovery in demand for explosives.
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Incitec Pivot Limited
An ASX 100 Company, Incitec Pivot Limited is a global leader in the resources and agriculture sectors with an unrelenting focus on Zero Harm. Incitec Pivot Limited contributes to the production of the infrastructure, food, clothing, shelter and energy people need every day through it’s product and service delivery to the mining and agriculture industries.
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News
Incitec Pivot Drops Dividend On Profit Hit
No final dividend (as expected) from ASX-listed explosives and fertiliser manufacturer Incitec Pivot which reported a fall in its statutory net profit to $123.4 million. Investors didn’t like the news or the lower than expected profits and revenues and the shares fell 2.8% to $2.10, thereby missing out in the great Pfizer COVID-19 vaccine surge on Tuesday which came and went in a day.
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Incitec Pivot Confronting The Challenges
Incitec Pivot has updated on the key components driving the business, amid challenging conditions stemming from low prices and the pandemic
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Usual Suspects Weigh On Incitec Pivot
Incitec Pivot remains a slave to the usual suspects - cropping conditions, explosives demand and pricing. A capital raising has alleviated some concerns for the balance sheet.
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Incitec Pivot Taps Investors, Lifts H1 Profit 22%
Fertiliser and explosives manufacturer Incitec Pivot (IPL) is looking to raise $675 million to strengthen its balance sheet and pursue growth opportunities.
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Analyst Views
IPL – UBS rates the stock as Buy
The pandemic has severely hit Dyno Nobel Americas' ammonium nitrate volumes with the impact most pronounced in coal/metals markets.
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IPL – Macquarie rates the stock as Outperform
Macquarie lifts forecasts for the Australian dollar and, whilst in isolation this is negative for reported earnings, a stronger currency is usually correlated positively with higher global fertiliser prices.
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IPL – UBS rates the stock as Neutral
UBS expects depressed prices for ammonia are likely to persist throughout the US cropping season in the second half of FY20. The impact is offset by a lower Australian dollar and improved Australian fertiliser distribution outlook.
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IPL – Citi rates the stock as Buy
Given the bullish outlook for demand for ammonium nitrate, the company is committed to a further 15% expansion of the Moranbah output by FY22.
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IPL – Citi rates the stock as Buy
Citi analysts had already concluded the risk-reward proposition for owning this stock had turned favourably again, post share market sell-off that followed another profit warning by the company. Since then the analysts attended what they label an "upbeat" Investor Day.
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