Incitec Shares Fall 8% on US Plant Problems
More problems in a key US plant for agri-chemical producer Incitec Pivot and a bigger hit to earnings as a result saw the company's shares fall 8% in Tuesday trade.
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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
Swings and Roundabouts for Incitec Pivot
Good news and bad in a trading update from Incitec Pivot (IPL) yesterday that warned investors about problems at its American factories but also hinted as continuing good ties in rural Australia in the wake of the breaking of the drought.
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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 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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Analyst Views
IPL – UBS rates the stock as Buy
Recent rainfall along most parts of the east coast has helped to improve agricultural conditions after years of drought, while flooding has been confined to coastal regions and not the main grain production areas of NSW. Buy rating retained. Target is $2.85.
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IPL – Morgans rates the stock as Add
Despite a number of North American plant outages, Morgans estimates the rest of the business will offset these impacts. Add rating and price target increased to $3.25 from $2.50.
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IPL – Credit Suisse rates the stock as Downgrade to Neutral
Fertiliser prices are strengthening and even with a weaker USD, have created a stronger near-term outlook for Incitec Pivot, suggests Credit Suisse. Target rises to $2.73 from $2.70.
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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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