Morgans Blog | Morgans

All posts by Belinda Moore

Senior Analyst

Sectors Covered: Agriculture, Food & Beverage, Travel and Chemicals

Treasury Wine Estates: Positive investment thesis hasn’t changed

18 October 2021, 10:00 AM

Unsurprisingly, COVID has continued to impact some of Treasury Wine Estates' (ASX:TWE) key channels, particularly the higher margin ones. However, with key markets starting to reopen, we expect sales to improve from here.

Elders: Expecting a strong FY21 result

By Belinda Moore

15 October 2021, 10:00 AM

Elders (ASX:ELD) will report its FY21 result on 15 November and we expect it will beat consensus. Our new EBIT forecast for 29% growth is underpinned by a larger summer crop, another bumper winter crop, high livestock prices, a buoyant real estate market, full 12 months of the AIRR acquisition and synergy benefits and new bolt-on acquisitions.

Nufarm: Expecting a strong FY21 result

By Belinda Moore

11 October 2021, 9:00 AM

Nufarm (ASX:NUF) reports its FY21 result on 17 November. We expect a strong result, albeit earnings have been skewed to the 1H (63%/37% 1H vs 2H) given favourable operating conditions and COVID uncertainty/supply chain disruptions.

Orica: Can only get better from here

By Belinda Moore

30 September 2021, 8:30 AM

Ahead of its FY21 result on 11 November, Orica (ASX:ORI) has announced A$345-370m of after tax one-off items which will now see it produce a statutory loss. Despite the write-downs, the balance sheet is strong following A$140m of non-core land sales and strong cashflow conversion.

Incitec Pivot: Can FY22 leverage the positive industry fundamentals?

By Belinda Moore

14 September 2021, 9:00 AM

Incitec Pivot (ASX:IPL) has announced that its US ammonia production has been impacted by Hurricane Ida. While this is out of IPL’s control, it does remind investors of the number of issues this plant has faced in FY21.

Orica: Cyclical and structural pressures remain

By Belinda Moore

10 September 2021, 9:00 AM

In a broker presentation, Orica (ASX:ORI) said that the 2H21 has been largely in line with its expectations, with lower FX offsetting rising supply chain (freight) costs.

Blackmores: Big growth ambitions but can ANZ deliver

By Belinda Moore

31 August 2021, 9:00 AM

Blackmore's (ASX:BKL) FY21 result was materially weaker than expected. Despite this, strong growth was reported, particularly from its China and International businesses.