Graincorp Ltd Class A

GNC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$8.90	Cvg	Kpslncvn

GrainCorp's Bumper 2022 Is Set to Be Even More Lucrative Than Record 2021

Angus Hewitt

Feb 7, 2022

We raise our fair value estimate for shares in no-moat GrainCorp by 11% to AUD 6.00 following a significant increase to our near-term earnings forecasts. We increase our fiscal 2022 EBITDA forecast by 72% to AUD 506 million on the back of higher grain volumes and strong export demand leading to higher-than-anticipated supply chain margins. We also expect the elevated production levels to benefit fiscal 2023 carry-in volume, and raise our fiscal 2023 EBITDA forecast by 7% to AUD 273 million. Our longer-term forecasts remain broadly intact.

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