INCITEC PIVOT LIMITED (IPL)
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IPL - INCITEC PIVOT LIMITED

FNArena Sector : Agriculture
Year End: September
GICS Industry Group : Materials
Debt/EBITDA: 2.92
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Incitec Pivot is an Australian manufacturer of fertilisers and explosives chemicals. It is the largest supplier of fertilisers in Australia and the largest supplier of explosives in the US and Canada. The company was listed in 2003.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.92

30 Nov
2023

0.070

OPEN

$2.85

2.46%

HIGH

$2.92

10,110,902

LOW

$2.84

TARGET
$3.158 8.2% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
AAC . AMN . APC . CBO . CGC . D2O . ELD . GNC . HFR . LGL . MWY . NAM . NUF . RIC . SGLLV . SHV . TFL . WLD .
FNARENA'S MARKET CONSENSUS FORECASTS
IPL: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 28.8 21.4 xxx
DPS (cps) xxx 15.0 13.6 xxx
EPS Growth xxx - 44.8% - 25.8% xxx
DPS Growth xxx - 44.4% - 9.7% xxx
PE Ratio xxx N/A 13.6 xxx
Dividend Yield xxx N/A 4.7% xxx
Div Pay Ratio(%) xxx 52.0% 63.3% xxx

Dividend yield today if purchased 3 years ago: 6.38%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.15

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 15/06 - ex-div 10c (franking 60%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2023 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx28.8
DPS All xxxxxxxxxxxxxxx15.0
Sales/Revenue xxxxxxxxxxxxxxx5,403.5 M
Book Value Per Share xxxxxxxxxxxxxxx330.9
Net Operating Cash Flow xxxxxxxxxxxxxxx700.8 M
Net Profit Margin xxxxxxxxxxxxxxx5.12 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx4.35 %
Return on Invested Capital xxxxxxxxxxxxxxx3.35 %
Return on Assets xxxxxxxxxxxxxxx2.58 %
Return on Equity xxxxxxxxxxxxxxx4.35 %
Return on Total Capital xxxxxxxxxxxxxxx4.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-318.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx62 M
Long Term Debt xxxxxxxxxxxxxxx1,904 M
Total Debt xxxxxxxxxxxxxxx1,966 M
Goodwill - Gross xxxxxxxxxxxxxxx1,985 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx399 M
Price To Book Value xxxxxxxxxxxxxxx0.95

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx495.1 M
Capex % of Sales xxxxxxxxxxxxxxx9.16 %
Cost of Goods Sold xxxxxxxxxxxxxxx4,402 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx652 M
Research & Development xxxxxxxxxxxxxxx31 M
Investments - Total xxxxxxxxxxxxxxx416 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

14/11/2023

3

Neutral

$3.00

2.74%

Macquarie believes Incitec Pivot's FY23 performance beat consensus by some 8% while its own forecast was bettered by 10% at the net profit level.

Shareholders can look forward to $1bn in capital return if the fertiliser business is sold, with talks still ongoing. A sale would place Incitec Pivot in a net cash position, explains the broker.

The broker has lowered forecasts as both fertiliser and Dyno Nobel are staring into a tougher outlook. This weighs down the price target to $3 from $3.10. Neutral.

FORECAST
Macquarie forecasts a full year FY24 dividend of 8.60 cents and EPS of 18.00 cents.
Macquarie forecasts a full year FY25 dividend of 8.40 cents and EPS of 17.50 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >

IPL STOCK CHART

FNArena News on IPL

1
Australian Broker Call *Extra* Edition – Nov 22, 2023

Nov 22 2023 - Daily Market Reports
2
ESG Focus: Rounding Up A Psychosocial FY23 Season

Nov 20 2023 - ESG Focus
3
FNArena Corporate Results Monitor – 14-11-2023

Nov 14 2023 - Australia
4
Weekly Ratings, Targets, Forecast Changes – 10-11-23

Nov 13 2023 - Weekly Reports
5
Next Week At A Glance – 13-17 Nov 2023

Nov 10 2023 - Weekly Reports

Latest Agriculture News

1
Next Week At A Glance – 27 Nov – 1 Dec 2023

Nov 24 2023 - Weekly Reports
2
Nufarm Crushes Seeds Of Doubt

May 25 2023 - Australia
3
Incitec Pivot Misses Expectations, Demerger Pending

May 18 2023 - Australia
4
Treasure Chest: Opportunities For Ridley Corp

Apr 26 2023 - Treasure Chest
5
Headwinds Linger for Select Harvests

Nov 24 2022 - Small Caps
6
United Malt Guides To Better Times Ahead

Nov 23 2022 - Small Caps
7
Nufarm Confident About Continued Growth

Nov 22 2022 - Small Caps
8
Waggaman Review Delays Incitec Pivot’s Split

Nov 17 2022 - Australia
9
Elders’ Confidence Relies On Acquisition

Nov 16 2022 - Small Caps
10
GrainCorp Looks Long-Term to Deliver Growth

Jun 28 2022 - Australia