Nufarm Ltd

NUF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.10	Fbd	Bmcvgtdx

Nufarm: Updated Guidance Disappoints, but the Longer-Term Outlook Remains Sound

Mark Taylor

Sep 28, 2023

Our AUD 7.70 fair value estimate for no-moat Nufarm stands, despite the Australian agricultural innovator announcing it expects fiscal 2023 underlying EBITDA to be within a range of AUD 430 million to AUD 440 million—about 14% below our prior forecast on a like-for-like basis. That is a disappointing decline on fiscal 2022’s AUD 447 million, despite the company previously guiding for modest underlying earnings growth, assuming normal seasonal conditions. But one season does not a company make.

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