Nufarm Ltd

NUF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$8.20	Pjzyn	Bzzzhyg

Nufarm: Challenging Fiscal 2024 First-Half Conditions Don’t Derail Aggressive 2026 Revenue Targets

Mark Taylor

Apr 2, 2024

Agricultural innovator no-moat Nufarm forewarned of challenging fiscal 2024 first-half conditions at the time of its fiscal 2023 earnings release. It has now confirmed this was so for the first quarter at least, with the industry continuing to deal with inventory overhang and higher cost of goods, with margins pressured. But it expects a return to growth in the second half and our fiscal 2024 earnings per share forecast is unchanged at AUD 0.35. A reduction in input costs and favorable seasonal conditions are expected to lead to improved crop production and, as a result, crop protection in the second half. We keep our AUD 7.70 per share fair value estimate.

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