Inghams Group Ltd

ING: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$5.50	Zwsx	Ctklyzf

Inghams' Fiscal 2021 Guidance Broadly Tracks our Unchanged Forecasts; AUD 3.60 FVE Maintained

Angus Hewitt , Emma Williams

May 28, 2021

We maintain our AUD 3.60 fair value estimate for Inghams following the release of fiscal 2021 guidance on improving operating conditions. We make no changes to our fiscal 2021 NPAT forecast of AUD 87 million, which is at the top end of updated guidance of AUD 80 million to AUD 87 million. While detail on the improving conditions were sparse, the firm flagged strong operational performance and benefits from operational efficiencies delivered during the year, in addition to improving trading conditions on the back of decreased COVID-19 restrictions compared with the first half.

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