UNITED MALT GROUP LIMITED (UMG)
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UMG - UNITED MALT GROUP LIMITED

FNArena Sector : Agriculture
Year End: September
GICS Industry Group : Food, Beverage & Tobacco
Index: ASX200 | ASX300 | ALL-ORDS

United Malt Group is a commercial maltster with 13 processing plants in North America, Australia and the UK. It was acquired by GrainCorp in 2009 and de-merged and listed on the ASX in 2020.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.98

18 May
2022

0.020

OPEN

$4.04

0.51%

HIGH

$4.05

829,271

LOW

$3.95

TARGET
$4.61 15.8% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
CGC . ELD . GNC . IPL . NUF . RHL . RIC . SHV . TFC . APC . AAC . MWY . MRG . NAM . AMN . WLD . CBO . SGL . SGLLV . D2O . TFL . HFR . LGL .
FNARENA'S MARKET CONSENSUS FORECASTS
UMG: 1
Title FY20
Actual		 FY21
Actual		 FY22
Forecast		 FY23
Forecast
EPS (cps) xxx 4.6 10.8 xxx
DPS (cps) xxx N/A 7.5 xxx
EPS Growth xxx - 72.7% 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 35.9 xxx
Dividend Yield xxx N/A 1.9% xxx
Div Pay Ratio(%) xxx 0.0% 69.0% xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

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: 01/12 - ex-div 3.5c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2022 FactSet UK Limited. All rights reserved
Title 20172018201920202021
EPS Basic xxxxxxxxxxxx4.6
DPS All xxxxxxxxxxxx5.5
Sales/Revenue xxxxxxxxxxxx1,235.0 M
Book Value Per Share xxxxxxxxxxxx356.2
Net Operating Cash Flow xxxxxxxxxxxx153.8 M
Net Profit Margin xxxxxxxxxxxx1.12 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 20172018201920202021
Return on Capital Employed xxxxxxxxxxxx1.32 %
Return on Invested Capital xxxxxxxxxxxx0.95 %
Return on Assets xxxxxxxxxxxx0.71 %
Return on Equity xxxxxxxxxxxx1.32 %
Return on Total Capital xxxxxxxxxxxx2.57 %
Free Cash Flow ex dividends xxxxxxxxxxxx34.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

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EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

18/05/2022

1

Buy

$4.65

16.83%

United Malt's pre-released March-quarter earnings (EBITDA) broadly met the broker and guidance was reiterated.

A lower depreciation and amortisation bill, which resulted in a 13% beat on profit before tax, was offset by a higher tax rate due to a one-off Australian tax loss that could not be capitalised (the broker expects the tax position to normalise in FY23).

FY22 EPS forecasts fall -10% accordingly.

UBS considers the company's medium-term margin recovery post transformation to be achievable, especially given the easing of FY22 trading conditions and the mooted Scottish expansion in FY23.

Buy rating and $4.65 target price retained.

FORECAST
UBS forecasts a full year FY22 dividend of 12.00 cents and EPS of 8.00 cents.
UBS forecasts a full year FY23 dividend of 17.00 cents and EPS of 22.00 cents.

Credit Suisse

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >

UMG STOCK CHART

FNArena News on UMG

1
Australian Broker Call *Extra* Edition – May 19, 2022

May 19 2022 - Daily Market Reports
2
Brokers Tip Better Brew for United Malt in FY23

May 18 2022 - Australia
3
Next Week At A Glance – 16-20 May 2022

May 13 2022 - Weekly Reports
4
GrainCorp Makes Hay As The Rain Falls

May 12 2022 - Australia
5
Australian Broker Call *Extra* Edition – May 03, 2022

May 03 2022 - Daily Market Reports

Latest Agriculture News

1
Brokers Tip Better Brew for United Malt in FY23

May 18 2022 - Australia
2
GrainCorp Makes Hay As The Rain Falls

May 12 2022 - Australia
3
GrainCorp: Focus On FY23 And Capital Return

Apr 12 2022 - Australia
4
Incitec Pivot In The Spotlight

Apr 05 2022 - Technicals
5
Costa Group Investment Comes to Fruition

Mar 16 2022 - Australia
6
More Upside For Wheat

Mar 16 2022 - Technicals
7
Has Elders Reached Peak Earnings?

Mar 16 2022 - Australia
8
ESG Focus: Australian Wine And Climate Change

Jan 10 2022 - Australia
9
Select Harvests Awaits Almond Prices Recovery

Nov 30 2021 - Australia
10
Elders: Singing In The Rain

Nov 17 2021 - Australia