Bell Potter sees lower FY24 profit for Australia's Graincorp on lower margins
14/01/2024 23:04
** Analysts at Bell Potter cuts FY24 NPAT estimates by 4%
for diversified agribusiness co Graincorp GNC.AX on lower
assumed crush margins
** Brokerage says global crush margins have compressed in
recent weeks on weakening oil prices
** Bell Potter estimates FY24 crop receipts for GNC to fall
within 9.0-10.0 mt
** Brokerage keeps target price largely unchanged at
A$9.50/shr from A$9.55/shr, maintains "buy" rating
** However, Bell Potter says rainfall in recent weeks has
seen material uplift in east coast soil moisture profiles,
likely improving summer crop yield expectations
** Five of eight analysts rate the stock "buy" or higher,
two "hold" and one "sell"; their median PT is A$9.0 - LSEG Data
** Stock gained 1.6% in 2023
(Reporting by John Biju in Bengaluru; editing by Diane Craft)
((John.Biju@thomsonreuters.com;))