Nufarm Ltd

NUF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.80	Clcs	Byfjjkpvk

Revenue Turnaround Continues for No-Moat Nufarm. Our AUD 7.00 FVE Stands.

Mark Taylor

Mar 9, 2021

We maintain our AUD 7.00 fair value estimate for crop protection company no-moat Nufarm. While we’ve sharply reduced our fiscal 2021 (12 months to September) EPS forecast by 50% to AUD 0.20, the driver has limited implication for longer-term projections. We have simply slowed the pace of assumed operating cost reduction. Our fiscal 2022 EPS forecast is little changed at AUD 0.53.

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