News: IPL Incitec Pivot Says Adverse EBIT Impact In 1H FY21 Expected To Be A$15M, page-8

IPL received a lackluster call on Livewire Buy Hold or Sell as of 30 March: Buy Hold Sell: 5 stocks with cyclical tailwinds - Buy Hold Sell | Livewire (livewiremarkets.com) see below:

I had brought back in Sept as a weather and company recovery play. Was quite proud of myself as it was up 40% and I was ready to chalk up my first 50% for a long time. I was confident that fertilizer would hold up for a season or two but when I read it's had a series of downgrades over the last three years, driven by a multitude of different things, mostly operational manufacturing production issues it stopped me in my tracks making me think that anything can happen with this company. When the news release hit a few days latter I was rocked but decided to sit and see what happens. The recovery has been quite strong today so I think there is support for the company riding on fertilizer and a mini-boom in mining. I think I will sit though this but I have a nagging feeling that this could be a warning to take the money and run. Does this company even know what a profit and quality are? - They are blaming bad workmanship - whose fault is that aren't they a manufacturing company, do they have engineers on staff. Somebodies ass needs a good kicking, I would like to hear it happening.

Incitec Pivot (ASX:IPL)
Matthew Kidman: Okay, there's been a bit of a tailwind for agriculture and the resources sector. Fertiliser producer, Incitec Pivot, buy, hold, or sell?
Stuart Welch (HOLD): Incitec Pivot's an interesting one, it's had a series of downgrades over the last three years, driven by a multitude of different things, mostly operational manufacturing production issues. At the moment, there is real strength in fertiliser prices which are supporting earnings, and we can see some earnings upside left. The key question for us is really the durability of those fertiliser prices. There are too many moving pieces in there for us to get a great deal of conviction around that. So at this point, I'd say it's a hold.
Matthew Kidman: Fertiliser prices have been on a tear, but it hasn't really been reflected in the share price, Incitec Pivot, buy, hold or sell?
Emma Fisher (HOLD): Yeah. I'm going to say hold, as well. I think you're right, the backdrop is supported from a fertiliser price perspective, and thank God they didn't sell that business as they were looking to do through their demerger. But at the end of the day, the quality is just not there in this business for us. It's got a pretty patchy track record of generating value through the cycle. For us, it's a hold.
Matthew Kidman: So be careful when you're sprinkling that fertiliser because the winds are changing and changing fast.