Nufarm: Outperforming peers but headwinds remain
About the author:
- 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.
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