Graincorp Ltd Class A

GNC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.90	Wqpq	Vjhznns

Standalone GrainCorp Fair Value Estimate AUD 4.30 Following United Malt Demerger

Adam Fleck

Mar 24, 2020

Our updated fair value estimate for no-moat GrainCorp on a standalone basis is AUD 4.30 per share. This is slightly higher than the valuation implied by our prior AUD 9.00 per share GrainCorp fair value estimate and our AUD 5.00 per share United Malt Group valuation, owing to the time value of money since our last update. We make no material changes to our long-term assumptions.

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