Australia's Elders annual results laid-back, says Jefferies

Elders

18/11/2024 23:49

** Jefferies says Elders'  ELD.AX  yearly earnings were in
line with the brokerage's estimates, although it missed street
consensus
    ** Aussie agribusiness firm posted yearly net profit after
tax (NPAT) of A$45.1 mln ($29.33 mln) for fiscal 2024, a 55%
decline vs A$100.8 mln last year
    ** Brokerage Citi says FY results a mixed bag as EBIT lands
in the lower half guidance range
    ** Says upbeat on co's plans to acquire local firm Delta
Agribusiness Pty for enterprise value of A$475 mln, to be funded
by equity raise of A$246 mln
    ** Jefferies cuts ELD's earnings margins by 53 basis points
(bp), 21 bp and 7 bp for fiscals 2025, 2026 and 2027,
respectively
    ** Maintains "hold" rating but trims price target to A$7.9,
down 9%
    ** ELD down 14.9% YTD as of last close, outperforming a 6%
rise on the ASX Agribusiness index  .AXAG 

($1 = 1.5375 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com))