While other company's are releasing their results -en masse- Graincorp was organising its annual get-together for shareholders. This thanks to a financial year that ends in September.
The good news is FY10 earnings guidance was reaffirmed at the AGM. That plus the company is optimistic regarding improved plantings in various regions because of recent gains and Citi analysts comment this might bode well for FY11 prospects.
There's a clear valuation attractiveness as well to support the current Buy rating. No changes have been made.
The broker notes the AGM update delivered no change to earnings guidance, so there are no changes to its estimates as a result.
In the broker's view the structural improvement in earnings is set to continue and given this and the stock trading at a discount to its estimated valuation there is no change to its Outperform rating.
GNC Price at posting:
$6.11 Sentiment: None Disclosure: Held
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