Brokerages cut PT on Australia's Incitec Pivot

Dyno Nobel

13/07/2023 24:38

(Updates with comments from Macquarie)
    ** Analysts at Macquarie cut price target on Australia's
Incitec Pivot  IPL.AX  to A$3.0/share from A$3.10/share, remain
'neutral' rated
        ** Brokerage cuts co's EPS forecasts in the range of
11%-13% over FY23-FY25 reflecting lower fertiliser and ammonia
prices 
  
    ** Citi rates IPL shares "Neutral", sets PT at A$3.0
    ** IPL, which also has a fertilizer business, said in May
last year it would spin off the explosives unit, Dyno Nobel, and
list it as a separate entity
    ** Co also confirmed on Wednesday it has received several
offers for a potential acquisition of its fertiliser business
    ** However, Citi thinks that a softer pricing environment
poses a key risk to the spin-off of Dyno Nobel
    ** IPL shares down 22.3% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))