Australia's Inghams hits over 6-month high as Morningstar lifts fair value estimate

Inghams

18/08/2023 02:10

(Updates with share moves)
    ** Australia's Inghams Group  ING.AX  rises as much as 6.3%
to A$3.39, highest since Feb 8
    ** Analysts at Morningstar raise fair value estimate by 6%
to A$3.70 for the poultry producer 
    ** On Thursday, Inghams shares posted record gains after the
company declared a huge final dividend on the back of rising
poultry prices
    ** Morningstar says co's FY23 EBITDA of A$434 mln ($277.85
mln) was 2% above its forecast
    ** Brokerage sees further improvement in profitability in
fiscal 2024; remains positive on long-term industry dynamics
    ** Expects population growth and some per-capita increases
in chicken consumption, combined with continued margin recovery,
to aid Inghams
    ** ING stock had risen 11.5% this year, as of last close 

($1 = 1.5620 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))