Macquarie 03/09/2009 1 Outperform $3.30 7.6%
In a triumph of lateral thinking, the broker points out that sh*t-peddler Incitec is actually leveraged to a US housing market recovery. No - it has nothing to do with attached gardens, it's to do with Incitec's ownership of explosives producer Dyno. Stick with me here.
Housing construction requires various quarried products, and the best way to get stuff out of a quarry is with a big bang. Hence the indirect connection. Dyno's earnings represent about 50% of Incitec's net earnings, the broker notes.
But after all of that, the broker has made no earnings changes, although its target rises from $2.66 to $3.30.
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