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

$3.33

05 Dec
2022

-0.070

OPEN

$3.39

-2.06%

HIGH

$3.41

706,911

LOW

$3.31

TARGET
$3.83 15.0% 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 FY21
Actual
FY22
Actual
FY23
Forecast
FY24
Forecast
EPS (cps) xxx 3.9 10.1 xxx
DPS (cps) xxx 0.0 3.0 xxx
EPS Growth xxx - 15.8% 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 33.0 xxx
Dividend Yield xxx N/A 0.9% xxx
Div Pay Ratio(%) xxx 0.0% 30.1% xxx

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

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

0.00

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: 01/06 - ex-div 1.5c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2022 FactSet UK Limited. All rights reserved
Title 201720182019202020212022
EPS Basic xxxxxxxxxxxxxxx3.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,406.7 M
Book Value Per Share xxxxxxxxxxxxxxx365.1
Net Operating Cash Flow xxxxxxxxxxxxxxx46.6 M
Net Profit Margin xxxxxxxxxxxxxxx0.82 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201720182019202020212022
Return on Capital Employed xxxxxxxxxxxxxxx1.07 %
Return on Invested Capital xxxxxxxxxxxxxxx0.77 %
Return on Assets xxxxxxxxxxxxxxx0.55 %
Return on Equity xxxxxxxxxxxxxxx1.07 %
Return on Total Capital xxxxxxxxxxxxxxx1.43 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-59.3 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
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Sentiment Indicator

0.8

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Credit Suisse

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

16/11/2022

1

Outperform

$3.99

19.82%

United Malt Group's FY22 full-year result met guidance and Macquarie's forecasts, and management reiterated August guidance for a sharp increase in FY23 earnings and outer years.

The broker increases its earnings (EBITDA) forecast, noting a good percentage of FY23 business is already booked.

Macquarie also spies a full-year reversal of the crop impost; improved customer pricing and terms; transformation benefits; a better sales mix; and the contribution of a full-year run rate from the Scottish distillery.

The balance sheet looks less attractive but management expects gearing will revert to the company's target range by FY23.

On the downside, higher-than-forecast interest costs trigger a cut in EPS forecasts of -32% in FY23; -18% in FY24; and -13% in FY25.

Outperform rating retained. Target price rises to $3.99 from $3.85.

FORECAST
Macquarie forecasts a full year FY23 dividend of 4.10 cents and EPS of 10.30 cents.
Macquarie forecasts a full year FY24 dividend of 14.20 cents and EPS of 23.70 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UMG STOCK CHART