Morningstar

Inghams Group Ltd ING

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Stock XASX Rating as of
A$3.02 +0.02 (0.67%)
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As of Delayed Price Open

Company Report

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Inghams Earnings: Beholden to the Supermarkets

Angus Hewitt

Inghams’ fiscal 2024 result was a considerable improvement on fiscal 2023, with underlying net profit lifting 43% to AUD 102 million—about 6% below our forecast. Net selling prices lifted across all channels, about 5% on average, much of it a consequence of higher costs flowing through. Feed prices remain elevated, albeit moderating from recent record highs. Labor, utilities, ingredients, and maintenance costs have all increased ahead of general inflation. Commensurate price increases—which are notoriously slow to respond—are beginning to flow through.

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Price vs Fair Value

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ING is trading at a 444% premium.
Price
A$3.00
Fair Value
A$2.40
Uncertainty
Medium
1-Star Price
A$3.00
5-Star Price
A$4.11
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Inghams benefits from a consumer trend toward protein-rich, fresh, easy-to-prepare meals.

Bears

With little differentiation between competitors, poultry meat is highly commoditized, and Inghams is a price-taker.

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Trading Information

Previous Close Price
A$3.00
Day Range
A$2.99–3.02
52-Week Range
A$2.84–4.51
Bid/Ask
A$3.01 / A$3.02
Market Cap
A$1.12 Bil
Volume/Avg
346,061 / 1.8 Mil

Key Statistics

Price/Earnings (Normalized)
9.07
Price/Sales
0.34
Dividend Yield (Trailing)
6.67%
Dividend Yield (Forward)
5.33%
Total Yield
6.67%

Company Profile

Inghams is the largest vertically integrated poultry producer in Australia and New Zealand. The firm enjoys a number-one position in Australia with approximately 40% market share and a number-two position in New Zealand with around 35% share. Inghams supplies poultry products, notably to major Australian supermarkets Woolworths and Coles, and quick-service restaurants McDonalds and KFC. Sales are heavily skewed toward poultry, which includes the production and sale of chicken and turkey products.
Sector
Consumer Defensive
Industry
Farm Products
Stock Style Box
Small Value
Total Number of Employees
8,000
Website
https://www.inghams.com.au

Competitors

Valuation

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Metric
ING
PPC
TSN
Price/Earnings (Normalized)
 9.0712.2223.41
Price/Book Value
 5.082.801.18
Price/Sales
 0.340.590.40
Price/Cash Flow
 2.888.0210.88
Price/Earnings
ING
PPC
TSN

Financial Strength

Metric
ING
PPC
TSN
Quick Ratio
 0.500.990.85
Current Ratio
 1.051.821.82
Interest Coverage
 2.336.010.98
Quick Ratio
ING
PPC
TSN

Profitability

Metric
ING
PPC
TSN
Return on Assets (Normalized)
 4.17%8.65%2.45%
Return on Equity (Normalized)
 53.25%25.68%4.97%
Return on Invested Capital (Normalized)
 7.55%13.57%4.23%
Return on Assets
ING
PPC
TSN

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