INCITEC PIVOT LIMITED (IPL)
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IPL - INCITEC PIVOT LIMITED

FNArena Sector : Agriculture
Year End: September
GICS Industry Group : Materials
Debt/EBITDA: 1.19
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

$3.12

21 Sep
2023

-0.010

OPEN

$3.12

-0.32%

HIGH

$3.14

4,721,686

LOW

$3.11

TARGET
$3.232 3.6% upside
Franking for last dividend paid out: 60%
OTHER COMPANIES IN THE SAME SECTOR
AAC . AMN . APC . CBO . CGC . D2O . ELD . GNC . HFR . LGL . MWY . NAM . NUF . RIC . SGLLV . SHV . TFL . UMG . WLD .
FNARENA'S MARKET CONSENSUS FORECASTS
IPL: 1
Title FY21
Actual		 FY22
Actual		 FY23
Forecast		 FY24
Forecast
EPS (cps) xxx 52.2 29.4 xxx
DPS (cps) xxx 27.0 15.8 xxx
EPS Growth xxx 100.0% - 43.7% xxx
DPS Growth xxx 100.0% - 41.7% xxx
PE Ratio xxx N/A 10.7 xxx
Dividend Yield xxx N/A 5.0% xxx
Div Pay Ratio(%) xxx 51.7% 53.6% xxx

Dividend yield today if purchased 3 years ago: 12.98%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 8.63

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 201720182019202020212022
EPS Basic xxxxxxxxxxxxxxx52.2
DPS All xxxxxxxxxxxxxxx27.0
Sales/Revenue xxxxxxxxxxxxxxx6,315.3 M
Book Value Per Share xxxxxxxxxxxxxxx323.8
Net Operating Cash Flow xxxxxxxxxxxxxxx1,093.3 M
Net Profit Margin xxxxxxxxxxxxxxx16.05 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201720182019202020212022
Return on Capital Employed xxxxxxxxxxxxxxx17.39 %
Return on Invested Capital xxxxxxxxxxxxxxx13.16 %
Return on Assets xxxxxxxxxxxxxxx10.01 %
Return on Equity xxxxxxxxxxxxxxx17.39 %
Return on Total Capital xxxxxxxxxxxxxxx16.41 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx303.9 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 201720182019202020212022
Short-Term Debt xxxxxxxxxxxxxxx63 M
Long Term Debt xxxxxxxxxxxxxxx1,895 M
Total Debt xxxxxxxxxxxxxxx1,958 M
Goodwill - Gross xxxxxxxxxxxxxxx2,873 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx764 M
Price To Book Value xxxxxxxxxxxxxxx1.08

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201720182019202020212022
Capex xxxxxxxxxxxxxxx434.0 M
Capex % of Sales xxxxxxxxxxxxxxx6.87 %
Cost of Goods Sold xxxxxxxxxxxxxxx4,387 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx655 M
Research & Development xxxxxxxxxxxxxxx26 M
Investments - Total xxxxxxxxxxxxxxx388 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

0.1

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

3

xxxxxxxxx xx xxxxx-xxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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UBS

12/09/2023

1

Buy

$3.50

12.18%

The trading update from Incitec Pivot has revealed the Dyno Nobel business is performing ahead of expectations amid a strong outlook for ammonium nitrate demand, contract re-pricing and improved passing through of costs, although UBS observes these features appear to have been offset by lower-than-expected chemical prices.

The broker downgrades FY23/24 estimates for EBIT by -11/8% to reflect lower fertiliser earnings on reduced Phosphate Hill production, marking-to-market diammonium phosphate prices, along with weaker WALA earnings from lower realised ammonia prices and higher gas costs. UBS retains a Buy rating on valuation grounds and raises the target to $3.50 from $3.40.

FORECAST
UBS forecasts a full year FY23 dividend of 15.00 cents and EPS of 26.00 cents.
UBS forecasts a full year FY24 dividend of 12.00 cents and EPS of 21.00 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$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
Weekly Ratings, Targets, Forecast Changes – 15-09-23

Sep 18 2023 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Sep 14, 2023

Sep 14 2023 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Aug 04, 2023

Aug 04 2023 - Daily Market Reports
4
In Brief: REITs, AI, Aussie Adversity & Stock Picks

Jul 28 2023 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Jul 27, 2023

Jul 27 2023 - Daily Market Reports

Latest Agriculture News

1
Nufarm Crushes Seeds Of Doubt

May 25 2023 - Australia
2
Incitec Pivot Misses Expectations, Demerger Pending

May 18 2023 - Australia
3
Treasure Chest: Opportunities For Ridley Corp

Apr 26 2023 - Treasure Chest
4
Headwinds Linger for Select Harvests

Nov 24 2022 - Small Caps
5
United Malt Guides To Better Times Ahead

Nov 23 2022 - Small Caps
6
Nufarm Confident About Continued Growth

Nov 22 2022 - Small Caps
7
Waggaman Review Delays Incitec Pivot’s Split

Nov 17 2022 - Australia
8
Elders’ Confidence Relies On Acquisition

Nov 16 2022 - Small Caps
9
GrainCorp Looks Long-Term to Deliver Growth

Jun 28 2022 - Australia
10
Get Ready For Extreme Heat And Its Effects On Crops, Lives

Jun 06 2022 - ESG Focus