Incitec Pivot Confirms Weak, Weather Plagued Result
As expected a combination of factors from drought, flooding rains higher gas prices and plant outages drove net earnings of Incitec Pivot (IPL) down 56% in the year to September 30.
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News
Assessing Incitec Pivot As A Turnaround Story
Early last month, Incitec Pivot (ASX:IPL) announced a strategic review into its Fertiliser segment, which could result in IPL becoming purely an explosives company. This would be a clear positive for IPL shares on a number of fronts. However, there are a number of other fundamental drivers that are equally important in any potential re-rating.
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Mining Services Companies Follow The Major Miners
A collection of mining services companies beginning to experience some attractive breakouts that point to these flow-on affects from mining activity translating to a sustained increase in earnings.
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Incitec Pivot Mulls Fertiliser Strategy
Ahead of an investor briefing, Incitec Pivot has downgraded guidance for FY19 and flagged a strategic review of its Australian fertiliser business.
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Incitec Pivot Downgrades Outlook, Eyes Fertiliser Sale
The impact of the drought has driven Incitec Pivot (IPL) to review the future ownership of its Asia Pacific fertilisers business after it again slashed full-year earnings guidance.
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Analyst Views
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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IPL – Credit Suisse rates the stock as Outperform
The company has downgraded guidance again for FY19 and pulled forward a strategic review of the fertiliser business. Credit Suisse was not surprised by the drought-driven downgrade but further plant downtime at the Louisiana plant is of concern.
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IPL – Macquarie rates the stock as Outperform
The broker notes Incitec Pivot's PE discount to peer Orica ((ORI)) is now the largest in a decade, leading the broker to favour the former over the latter.
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IPL – UBS rates the stock as Neutral
The company has provided more clarity regarding the financial impact of outages from the Mount Isa rail line flooding and manufacturing issues in Louisiana. Additionally, distribution volumes are lower in Australian fertiliser because of the drought.
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