Australia's Nufarm HY results miss estimates; brokerages positive on outlook

Nufarm

23/05/2024 20:56

** Analysts at Jefferies raise PT for Australia's Nufarm
 NUF.AX  by 12% to A$5.30 
    ** The crop protection and seed technology firm reports 
1H24 EBITDA of A$217.4 million ($143.53 million), 12% lower than
brokerage's estimate 
    ** A 64% slump in HY underlying net profit for NUF was more
than than the 23% fall predicted by Morningstar
    ** Jefferies says NUF's target of crop protection revenue 
of at least A$3.8 bln by FY26, 25% higher than FY24 forecast
will require a lift particularly from new product pipeline 
    ** Morningstar maintains PT of A$7.70 while holding to
high-end forecast revenue of A$3.9 bln for crop protection and a
mid-range A$650 mln for seeds revenue for fiscal 2026
    **  Four of 12 analysts rate the stock "buy" or higher and
eight "hold"; their median PT is A$5.45 – LSEG
    ** Stock has fallen 9.4% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))