FWIW, Macquarie released a new research note about GNC today....

FWIW, Macquarie released a new research note about GNC today. Quick summary:

- Macquarie changes its valuation methodology again. Now values GNC on a combination of asset replacement value and through-the-cycle sum of the parts.

- On this basis, it increases its valuation from $9.08 to $10.13.

- However due to forecast El Nino and forecast lower oilseed crush margins, it reduces its EPS and dividend forecasts. Now forecasting:

> FY23 eps $1.11, div 47c
> FY24 eps 50c, div 35c
> FY25 eps 42c, div 30c.

- Also notes the expected >$100m to be received from sale of UMG stake.

- Expects the expansion of oilseed crush capacity to take 3 years.

- 12mpt $10.13. Outperform.