Elders: Can the controllables outweigh the uncontrollables?
About the author:
- Author name:
- By Belinda Moore
- Job title:
- Senior Analyst
- Date posted:
- 14 November 2023, 7:30 AM
- Sectors Covered:
- Agriculture, Food & Beverage, Travel and Chemicals
- Elders (ASX:ELD) reported a better than feared FY23 result which was at the mid-point of its guidance range. Strong operating cashflow was the highlight.
- FY24 EBIT will likely fall again on the pcp with ELD needing to cycling a full period of weaker ag chem, fertiliser and livestock prices as well as potentially weaker cropping conditions given El Nino. This will partly be offset by bolt-on acquisitions backward integration and some benefits from its supply chain optimisation.
- Given the outlook for FY24 remains uncertain, we maintain a Hold rating with a revised price target of (login to view).
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