INCITEC PIVOT LIMITED (IPL)
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IPL - INCITEC PIVOT LIMITED

FNArena Sector : Agriculture
Year End: September
GICS Industry Group : Materials
Debt/EBITDA: 2.92
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

$2.65

21 Feb
2024

-0.020

OPEN

$2.67

-0.75%

HIGH

$2.69

2,995,377

LOW

$2.63

TARGET
$3.083 16.4% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
AAC . AMN . APC . CBO . CGC . D2O . ELD . GNC . HFR . LGL . MWY . NAM . NUF . RIC . SGLLV . SHV . TFL . WLD .
FNARENA'S MARKET CONSENSUS FORECASTS
IPL: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx 28.8 21.3 xxx
DPS (cps) xxx 15.0 18.8 xxx
EPS Growth xxx - 44.8% - 26.2% xxx
DPS Growth xxx - 44.4% 25.2% xxx
PE Ratio xxx N/A 12.4 xxx
Dividend Yield xxx N/A 7.1% xxx
Div Pay Ratio(%) xxx 52.0% 88.2% xxx

Dividend yield today if purchased 3 years ago: 6.02%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

5.68

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: 04/12 - ex-div 5c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx28.8
DPS All xxxxxxxxxxxxxxx15.0
Sales/Revenue xxxxxxxxxxxxxxx5,403.5 M
Book Value Per Share xxxxxxxxxxxxxxx330.9
Net Operating Cash Flow xxxxxxxxxxxxxxx700.8 M
Net Profit Margin xxxxxxxxxxxxxxx5.12 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx4.35 %
Return on Invested Capital xxxxxxxxxxxxxxx3.35 %
Return on Assets xxxxxxxxxxxxxxx2.58 %
Return on Equity xxxxxxxxxxxxxxx4.35 %
Return on Total Capital xxxxxxxxxxxxxxx4.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-318.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx62 M
Long Term Debt xxxxxxxxxxxxxxx1,904 M
Total Debt xxxxxxxxxxxxxxx1,966 M
Goodwill - Gross xxxxxxxxxxxxxxx1,985 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx399 M
Price To Book Value xxxxxxxxxxxxxxx0.95

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx495.1 M
Capex % of Sales xxxxxxxxxxxxxxx9.16 %
Cost of Goods Sold xxxxxxxxxxxxxxx4,402 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx652 M
Research & Development xxxxxxxxxxxxxxx31 M
Investments - Total xxxxxxxxxxxxxxx416 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

28/11/2023

1

Buy

$3.30

24.53%

Despite an earnings (EBIT) fall of -41% versus FY22, FY23 earnings were a 3% beat versus the consensus forecast as a result of a better-than-expected performance across all segments, notes UBS.

Less positively, operating cash flow was a -20% miss against consensus, resulting in net debt of $1.4bn, compared to the $0.9bn forecast by the broker and consensus.

The analyst believes management commentary implies the operating outlook for Explosives is supportive of earnings growth. The company noted FY24 earnings for Fertlisers will be impacted by ongoing maintenance, though gas supply costs should ease.

The broker's target falls to $3.30 from $3.50 on the higher net debt position. The Buy rating is maintained on valuation support.

FORECAST
UBS forecasts a full year FY24 EPS of 18.00 cents.
UBS forecasts a full year FY25 EPS of 18.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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IPL STOCK CHART