Nufarm Ltd

NUF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.20	Xlz	Kkqwlrny

Easing Raw Material Costs and Improved Weather to Drive Improved 2021 for No-Moat Nufarm

Mark Taylor

Dec 24, 2020

We make no change to our AUD 7.00 fair value estimate for no-moat Nufarm. The company had a disappointing fiscal year to July 2020, with underlying EBITDA in continuing businesses down 21% to AUD 236 million. But this was a year of perfect storm for Nufarm. While the company’s products are essential inputs to the agricultural industry, and therefore somewhat resilient to COVID-19, related supply chain disruptions improved, though are still net unfavourable, while weather conditions overshadowed. But improvement is at hand.

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