Tiger Brokers

BUZZ-Australia's Incitec Pivot beats FY24 earnings estimate, Citi says

Reuters
Nov 12, 2024
BUZZ-Australia's Incitec Pivot beats FY24 earnings estimate, Citi says

** Citi remains upbeat on Incitec Pivot IPL.AX after the firm's FY24 earnings before interest and tax $(EBIT)$ beat Citi estimates

** The diversified chemical manufacturer reported adjusted EBIT of A$580 million, beating Citi's estimate of A$510 mln to A$516 mln

** Brokerage retains "neutral" rating and lifts price target by 10 Australian cents to A$3.20 per share

** IPL's Dyno Nobel (DN) APAC segment, its explosives business, reported EBIT of A$257 mln, 10% ahead of Citi estimates

** Citi upgrades EBIT by 3% and 5% for fiscals 2025 and 2026, respectively, on increase of DN APAC margin

** IPL up 26.7% YTD as of last close, outpacing a 12.8% decline on the ASX Materials index .AXMJ

($1 = 1.5211 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))

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