Nufarm Ltd

NUF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$5.60	Tpd	Gknthpx

No-Moat Nufarm Now Has More Favourable Winds at its Back. Our AUD 7.00 FVE Unchanged.

Mark Taylor

Jul 15, 2020

We make no change to our AUD 7.00 fair value for no-moat Nufarm. The company’s balance sheet is in great shape, the severe one-in-100-year Australian drought has eased and embedded earnings improvements are on the way. The glyphosate litigation against Bayer in the United States was an unwelcome overhang on sentiment for Nufarm and others and was settled in June for USD 10.9 billion. This doesn’t guarantee protection from future potential litigation for Nufarm but will regardless improve sentiment. And Nufarm’s transformative Omega-3 rich canola is on the cusp of first commercial sales.

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