Nufarm: Outperforming peers but headwinds remain

About the author:

Belinda Moore
Author name:
By Belinda Moore
Job title:
Senior Analyst
Date posted:
28 September 2023, 7:30 AM
Sectors Covered:
Agriculture, Food & Beverage, Travel and Chemicals

  • Unsurprisingly, Nufarm (ASX:NUF) has revised its FY23 EBITDA guidance. While NUF has been a beneficiary of a lower AUD, its FY23 performance has been stronger than peers.
  • Given the timing of sales, NUF will now report a large operating cash outflow and its gearing metrics will be above its target range.
  • We have downgraded our forecasts. With dry conditions forecast in APAC, earnings uncertainty remains near term. We therefore maintain a Hold rating. However we note there is material upside if NUF delivers on its FY26 targets.

Find out more

Download full research note

If you would like more information, please contact your adviser or nearest Morgans office.

Request a call Find local branch

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

  • Print this page
  • Copy Link