Elders: Can the controllables outweigh the uncontrollables?

About the author:

Belinda Moore
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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