Citi 24/11/2009 1 Buy, High Risk $9.20 42.9%
Ahead of tomorrow's FY result, Citi confirms it is expecting to see numbers in-line with management’s guidance range. The broker says an above average 2008-09 east coast harvest will be what drives “operating leverage benefits across the company's grain supply chain”.
However, the broker also thinks falling grain harvest estimates will impact FY10 supply chain profitability, as it expects ABARE to cut its east coast winter grain harvest size forecast next month by 10%-15%.
The Buy call is maintained, with Citi noting a that at 10x FY10 earnings, the shares currently "represent compelling value".
Citi 24/11/2009 1 Buy, High Risk $9.20 42.9%Ahead of tomorrow's...
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