First-half net profit was lower than Macquarie expected. The company has announced a $140m equity raising to strengthen the balance sheet.
While early days, United Malt has noted sequential demand improvement in May versus April. Customers are replenishing inventory and there is a pick up in craft and lager business as some premises are re-opening.
Macquarie cannot provide a rating and target at present.
Sector: Food, Beverage & Tobacco.
Current Price is $4.29. Target price not assessed.
