Morningstar upbeat on potential unit turnaround for Australia's Incitec Pivot

Dyno Nobel

03/10/2023 19:58

** Analysts at Morningstar see a turnaround for Incitec
Pivot's  IPL.AX  explosives business, boosting investor
sentiment in the near future
    ** Brokerage retains fair value estimate of A$3.50/shr for
diversified chemicals firm
    ** Morningstar forecasts co's explosives division's earnings
before interest, tax, depreciation and amortisation (EBITDA) to
return to pre-COVID levels by fiscal 2024, driven by strong
price increase and growth demand
    ** Brokerage also sees co's sound balance sheet to give way
to special dividends, buybacks or acquisitions
    ** 4 of 10 analysts rate IPL stock "buy" or higher, 5 rate
"hold" and 1 rates "sell" or lower - LSEG Data
    ** IPL stock had fallen 19.7% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))