Morningstar lifts fair value estimate on Inghams, sees higher FY24 profit

Inghams

17/08/2023 22:09

** Analysts at Morningstar raise fair value estimate on
Australian poultry producer Inghams Group  ING.AX  by 6% to
A$3.70 post FY23 results
    ** Inghams on Thursday posted record gains on a huge final
dividend that it paid to shareholders on the back of rising
poultry prices
    ** Brokerage says co's FY23 EBITDA of A$434 mln($277.85 mln)
was 2% above its forecast
    ** Morningstar sees further improvement in profitability in
fiscal 2024; remains positive on long-term industry dynamics
    ** Brokerage sees population growth and some per-capita
increases in chicken consumption, combined with continued margin
recovery to aid Inghams
    ** Stock has risen 11.5% this year, as of last close 

($1 = 1.5620 Australian dollars)

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