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

Elders

19/11/2024 24:04

(Updates with share move and milestone)
    ** Shares of Elders  ELD.AX  fall as much as 11.3% to
A$7.67, their lowest since Apr. 8
    ** Stock is the top loser on the benchmark ASX 200 index
 .AXJO 
    ** 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
    ** Jefferies says ELD's yearly earnings were in line with
the brokerage's estimates, although it missed street consensus
    ** 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))