A four-cent unfranked dividend for shareholders in the ag chemicals business Nufarm (ASX:NUF), and the promise of a pickup in the current second half as it expects an upturn in its crop protection business.
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Fund Manager Chris Pedersen looks at CSL (ASX:CSL), Nufarm (ASX:NUF), IPH (ASX:IPH) and charts on China risks.
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Crop protection group Nufarm (ASX:NUF) shareholders will receive a lower final dividend, while the full-year dividend remains unchanged, following the company's 'steady as she goes' annual results announcement on Wednesday.
Read MoreUnlike other rural sector companies operating, Nufarm seems to have had an almost trouble-free past six months to March with revenue, earnings and dividend all up.
Read MoreWhile the overall market continued its strong start to 2023, the ongoing challenges were on full display in Wednesday’s updates from The Retail Shop, Credit Corp and Nufarm.
Read MoreThree pretty upbeat stories from companies reporting to the market on Wednesday, with Nufarm, Graincorp and the erstwhile Kathmandu all seemingly in good shape.
Read MoreThursday’s ASX rout made it a tough day to be releasing results, but the show must go on. Here’s the latest from travel firm Webjet and agricultural chemical company Nufarm.
Read MoreBuy rating retained. Target price rises to $7.90 from $6.73.
Read MoreNufarm shares did relatively well yesterday despite revealing a small writedown on the value of its business in Russia and Ukraine while confirming earnings guidance given in February.
Read MoreThe Neutral rating is retained and the target price increases to $6.14 from $5.01.
Read MoreSo why did the market sell down shares in agricultural chemicals company Nufarm by more than 8% yesterday in the wake of what appeared to be a set of solid 2021 financial year results?
Read MoreThe Add rating is unchanged. The target price rises to 6.50 from $6.15.
Read MoreInvestors took Nufarm shares higher yesterday, despite a clear warning that second half earnings will come in much lower than those for the six months to the end of March.
Read MoreThe seasons have changed for Nufarm, for the better, generating a welcome return to a profitable outlook.
Read MoreNufarm’s latest trading update on its performance during August and September shows better seasonal conditions and reduced costs that lifted Nufarm’s crop protection profitability in all regions, observes Credit Suisse.
Read MoreCiti assesses Nufarm is currently emerging from a tough three years for the agricultural industry. At 5x enterprise value/EBITDA estimates for FY21 the broker considers the stock is good value.
Read MoreA performance improvement program and recovery in agricultural conditions are expected to provide Nufarm with a better earnings trajectory over coming years.
Read MoreAgri-chemicals group, Nufarm will again skip paying a dividend to shareholders for 2019-20 after revealing a massive $456 million full-year loss. That means the company has not paid shareholders a dividend for two years – since the final of 6 cents a share paid for the 2017-18 financial year.
Read MoreEurope has become the latest trouble spot for local agricultural chemicals and seed company Nufarm a year after the company got rid of its previous problem businesses in South America to major shareholder, Sumitomo Chemical.
Read MoreNufarm has guided to $15m in operating earnings (EBITDA) improvement with the closure of manufacturing at Raymond Road and 2, 4-D synthesis at its site in Austria.
Read MoreUBS reinstates coverage on Nufarm with a Neutral rating and $5.19 target. The broker considers the stock is fair value and trading in line with its long-term average.
Read MoreThree results including two from yesterday – from Nufarm and Sigma Healthcare – confirm that the figures are historical and useless for assessing the company’s outlook for the rest of the year and into 2021 in the wake of the impact of COVID-19.
Read MoreNufarm shares steadied yesterday in the wake of Friday’s slide on a more definitive profit downgrade for the six months to January 31.
Read MoreShares in agricultural chemicals supplier Nufarm sold off heavily yesterday as another earnings downgrade from the company confirmed that the big Australian drought has its hooks into the company’s profit and loss account.
Read MoreNo surprises from the Nufarm FY19 result given the company kept the market well-informed. The surprise came with the sale of the LatAm business, which had been soaking up 33% of working capital while representing 28% of earnings, suffering negative cash flow for the last five years and exposed currency risk, at what Macquarie describes as a “good price”.
Read MoreAgricultural chemicals group Nufarm’s biggest shareholder, Japanese group, Sumitomo, has bailed out the Australian company by paying $1.2 billion for a key asset in a move that will allow Nufarm to slash a worrying debt burden.
Read MoreCiti assesses expectations are low leading into the FY19 results on September 30. The shares are down -27% in the year to date, sharply underperforming the broader market.
Read MoreCredit Suisse suspects, while a capital raising and downgrade to guidance was widely expected, the support from Sumitomo was likely to have been underestimated. The company has downgraded earnings estimates for North America because of weather impacts.
Read MoreSumitomo, Nufarm’s biggest shareholder, has bailed out the Australian ag chemicals maker with a near $100 million capital injection.
Read MoreCredit Suisse believes the main issue in the first half result is the mismatch between market expectations and the ability or willingness of the company to effectively manage working capital fluctuations.
Read MoreShares in crop protection group Nufarm slumped sharply yesterday after the company revealed a loss for the half-year thanks to the intensifying drought. The company also suspended its dividend while a jury decision in a court case in San Francisco sets up another possible legal blow to the key chemical in its main product.
Read MoreAfter upgrading to Hold in January Deutsche Bank has now upgraded Nufarm to Buy, as the stock is now trading at a -16% discount to valuation.
Read MoreThe East Coast drought – now dipping into Victoria and the dry emerging parts of southern Western Australia – has seen Australia again cut its 2018-19 wheat harvest estimate to where it is now forecast to be the lowest since the GFC and the last big drought in 2008.
Read MoreFertiliser and rural products group, Nufarm has raised the $303 million it had been looking for in the entitlement issue that started on September 25 as it sought fresh capital to cut debt and help it ride out the East Coast drought.
Read MoreAgricultural products and pesticides group, Nufarm has received a vote of confidence from big shareholders who paid a premium to the company’s rights issue share price in filling the institutional component of its fully underwritten 3 new shares for every 19 held $303 million fundraising offer at $5.85 a share.
Read MoreThe 2017-18 Nufarm result explains why the company has rushed out a surprise rights issue.
Read MoreNufarm is looking to raise $303 million from shareholders after its debt doubled in the latest financial year thanks to the cost of acquisitions and ballooning working capital needs because of the worsening drought in eastern Australia.
Read MoreIt wasn’t drought this time but a US court decision which saw Nufarm shares fall 13% yesterday – the second bout of weakness in a month.
Read MoreNufarm profits for the 2017-18 have badly damaged out by the worsening drought. The news saw the shares slide more than 11% to $7.48. At one stage they were down nearly 12% in early dealings.
Read MoreShares in crop-protection company Nufarm dipped 0.9% yesterday after it joined the downgrade club – with the cause the gathering big dry in Australia and cold weather in parts of Europe and North America.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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