Ingham’s Perched To Ride Cost Headwinds
Chicken producer Ingham’s ((ING)) is facing higher feed and electricity costs but strong volume growth evident in FY17 is expected to help the business ride out the headwinds.
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News
Brokers Not Chicken About Ingham’s Outlook
Strong volumes characterised the maiden first half for chicken producer, Ingham’s ((ING)). Brokers suspect, given the split in the first half:second half in the prospectus that the company is on track to exceed FY17 forecasts.
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Analyst Views
ING – UBS rates the stock as Neutral
UBS rates the stock as NeutralInghams has observed more uncertainty around the final weeks of FY20 in terms of changing volume and channel mix.
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ING – UBS rates the stock as Neutral
Inghams Group's profit was largely in line with consensus and guidance was reiterated. Strong momentum in New Zealand offset weakness in Australia. The broker remains concerned over poor cash flow conversion.
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ING – Citi rates the stock as Upgrade to Neutral from Sell
As reported yesterday, the FY19 report missed consensus forecasts, and it was accompanied by guidance for a decline in profits for FY20. Following on from the share price shellacking that ensued post the release, Citi has upgraded to Neutral from Sell.
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ING – Citi rates the stock as Sell
Inghams has provided an update as part of a conference, with a key message of a fall in the wheat price and a recovery in New Zealand. Citi suspects there still could be downside to FY20 estimates for earnings, given the run rate over the second half. Moreover, retail prices for poultry continue to fluctuate.
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ING – Morgans rates the stock as Add
Morgans has reviewed its investment thesis in the light of strong appreciation in the share price. The broker continues to expect the company to provide an impressive FY18 result.
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