INCITEC PIVOT LIMITED (IPL)
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IPL - INCITEC PIVOT LIMITED

FNArena Sector : Agriculture
Year End: September
GICS Industry Group : Materials
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

$3.46

28 Jun
2022

0.030

OPEN

$3.44

0.87%

HIGH

$3.48

5,599,268

LOW

$3.42

TARGET
$4.063 17.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
CGC . ELD . GNC . NUF . RHL . RIC . SHV . TFC . APC . AAC . MWY . MRG . NAM . AMN . WLD . CBO . SGL . SGLLV . D2O . UMG . TFL . HFR . LGL .
FNARENA'S MARKET CONSENSUS FORECASTS
IPL: 1
Title FY20
Actual
FY21
Actual
FY22
Forecast
FY23
Forecast
EPS (cps) xxx 7.7 53.6 xxx
DPS (cps) xxx 9.3 27.7 xxx
EPS Growth xxx 7.9% 100.0% xxx
DPS Growth xxx N/A 100.0% xxx
PE Ratio xxx N/A 6.5 xxx
Dividend Yield xxx N/A 8.0% xxx
Div Pay Ratio(%) xxx 121.1% 51.6% xxx

Dividend yield today if purchased 3 years ago: 2.73%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

2.69

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: 06/06 - ex-div 10c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2022 FactSet UK Limited. All rights reserved
Title 201620172018201920202021
EPS Basic xxxxxxxxxxxxxxx7.7
DPS All xxxxxxxxxxxxxxx9.3
Sales/Revenue xxxxxxxxxxxxxxx4,348.5 M
Book Value Per Share xxxxxxxxxxxxxxx276.4
Net Operating Cash Flow xxxxxxxxxxxxxxx650.2 M
Net Profit Margin xxxxxxxxxxxxxxx3.43 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201620172018201920202021
Return on Capital Employed xxxxxxxxxxxxxxx2.82 %
Return on Invested Capital xxxxxxxxxxxxxxx2.06 %
Return on Assets xxxxxxxxxxxxxxx1.60 %
Return on Equity xxxxxxxxxxxxxxx2.82 %
Return on Total Capital xxxxxxxxxxxxxxx6.37 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx275.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

This is work in progress. Bear with us. It'll be amazing.

EXPERT VIEWS
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Sentiment Indicator

0.5

No. Of Recommendations

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

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UBS

25/05/2022

1

Buy

$4.43

28.03%

Incitec Pivot's record March first-half result outpaced UBS by 4% (but fell -8% short of consensus) thanks to stronger ammonia prices and positive foreign exchange movements. The operating cash outflow proved a slight miss on the broker's forecasts due to rising fertiliser inventory values.

The company also announced it would split the group into two ASX-listed entities to provide greater strategic focus, with separation targeted in the first-half of FY23. Dyno Nobel will be the Explosives business, and Incitec Pivot the Fertiliser business, which will target the mining and agriculture industries.

Incitec Pivot expects this will unlock shareholder value by allowing greater individual strategic focus and by improving capital allocation for technology adoption.

Incitec Pivot shareholders are expected to retain interests in both companies, and the split is expected to cost -$80m to -$105m with continuing costs of -$25m to -$35m across both companies. More details on the deal are expected in August.

Target price slips to $4.43 from $4.50. Buy rating retained, the broker expecting strong conditions to continue.

FORECAST
UBS forecasts a full year FY22 EPS of 51.00 cents.
UBS forecasts a full year FY23 EPS of 42.00 cents.

Credit Suisse

xx/xx/xxxx

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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IPL STOCK CHART