Inghams: Back on track

About the author:

Author name:

By Belinda Moore

Job title:

Senior Analyst

Date posted:

01 November 2023, 8:00 AM

Sectors Covered:

Agriculture, Food & Beverage, Travel and Chemicals

• Inghams (ASX:ING) provided 1H24 guidance which was materially better than expected. Pleasingly, the strong 2H23 recovery in operational performance, which underpinned a positive start to FY24, has continued through into the 1H24.
• We have made material upgrades to our forecasts.
• ING’s valuation remains undemanding, with it trading on an FY24F PE of 10.8x and an attractive dividend yield of 5.6% fully franked. We maintain an Add rating.

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