Financials Nufarm Limited

Equities

NUF

AU000000NUF3

Agricultural Chemicals

Delayed Australian S.E. Other stock markets 10:14:59 2024-04-29 pm EDT			5-day change	1st Jan Change
5.18 ^AUD	-1.52%		-0.96%	-0.77%

Feb. 01	Transcript : Nufarm Limited - Shareholder/Analyst Call
2023	Australian Shares Surge After Weaker-than-Expected US Inflation Data	MT

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,141	1,462	1,824	1,901	1,808	2,010	-	-
Enterprise Value (EV) ¹	3,388	1,903	2,140	2,247	2,657	2,790	2,738	2,660
P/E ratio	76.2 x	-3.11 x	31.8 x	19.2 x	18.3 x	18.2 x	13.4 x	10.7 x
Yield	-	-	0.83%	2%	2.11%	1.99%	2.42%	2.77%
Capitalization / Revenue	0.57 x	0.42 x	0.57 x	0.5 x	0.52 x	0.55 x	0.52 x	0.49 x
EV / Revenue	0.9 x	0.55 x	0.67 x	0.6 x	0.76 x	0.76 x	0.7 x	0.65 x
EV / EBITDA	8.06 x	6.46 x	5.93 x	5.03 x	6.06 x	6.3 x	5.54 x	4.97 x
EV / FCF	-44 x	-4.75 x	5.7 x	7.92 x	-7.54 x	13 x	39.1 x	29.9 x
FCF Yield	-2.27%	-21%	17.5%	12.6%	-13.3%	7.7%	2.55%	3.35%
Price to Book	0.89 x	0.77 x	0.97 x	1 x	0.88 x	0.85 x	0.83 x	0.79 x
Nbr of stocks (in thousands)	379,639	379,695	379,907	380,169	380,531	382,169	-	-
Reference price ²	5.640	3.850	4.800	5.000	4.750	5.260	5.260	5.260
Announcement Date	9/29/19	9/22/20	11/16/21	11/15/22	11/14/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,758	3,491	3,216	3,773	3,481	3,667	3,903	4,115
EBITDA ¹	420.3	294.7	361.1	446.8	438.2	442.5	493.9	535.2
EBIT ¹	248.6	86.65	153.1	236.7	249.8	246.5	291.7	329.8
Operating Margin	6.62%	2.48%	4.76%	6.27%	7.18%	6.72%	7.48%	8.02%
Earnings before Tax (EBT) ¹	80.95	-310.5	95.69	128.1	154.8	164.4	218	281.8
Net income ¹	38.31	-456.1	65.13	107.4	111.1	107	144.3	175.3
Net margin	1.02%	-13.06%	2.03%	2.85%	3.19%	2.92%	3.7%	4.26%
EPS ²	0.0740	-1.237	0.1510	0.2610	0.2600	0.2889	0.3912	0.4914
Free Cash Flow ¹	-77	-400.4	375.4	283.8	-352.4	214.8	69.95	89.1
FCF margin	-2.05%	-11.47%	11.67%	7.52%	-10.12%	5.86%	1.79%	2.17%
FCF Conversion (EBITDA)	-	-	103.95%	63.52%	-	48.55%	14.16%	16.65%
FCF Conversion (Net income)	-	-	576.38%	264.12%	-	200.87%	48.48%	50.83%
Dividend per Share ²	-	-	0.0400	0.1000	0.1000	0.1044	0.1274	0.1457
Announcement Date	9/29/19	9/22/20	11/16/21	11/15/22	11/14/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	2,181	1,477	2,014	1,650	783	783	1,566	-	803.7	803.7	1,607	1,955	1,526	913.5	913.5	1,963	1,008	1,008	1,778	998.8	1,998	2,206
EBITDA ¹	299.3	65.58	229.1	233.6	-	-	127.5	330	-	-	117	316	122.2	134.6	134.6	256.2	93.6	93.6	187.1	159.2	318.5	218.2
EBIT ¹	209.7	-38.22	124.9	130.4	14.29	14.29	22.71	222	11.8	11.8	14.98	227.9	21.91	93.8	93.8	165.9	47.9	47.9	80.57	115.9	231.9	121.1
Operating Margin	9.61%	-2.59%	6.2%	7.9%	1.83%	1.83%	1.45%	-	1.47%	1.47%	0.93%	11.66%	1.44%	10.27%	10.27%	8.45%	4.75%	4.75%	4.53%	11.6%	11.61%	5.49%
Earnings before Tax (EBT) ¹	-	-	-	97.43	-	-	-	-	-	-	-	199.2	-44.42	74	72.5	128.6	23.8	27	38.8	98.2	197.1	88.1
Net income	51.9	-121.7	-334.3	58.89	-	-	6.239	-	-	-	-	149	-37.9	-	-	72.03	-	-	22.7	-	-	-
Net margin	2.38%	-8.24%	-16.6%	3.57%	-	-	0.4%	-	-	-	-	7.63%	-2.48%	-	-	3.67%	-	-	1.28%	-	-	-
EPS ²	-	-	-	0.1450	-	-	-	-	-	-	-	0.3760	-0.1160	0.1460	0.1240	0.1980	0.0350	0.0410	0.0760	0.1720	0.3450	0.1440
Dividend per Share ²	-	-	-	-	-	-	0.0400	-	0.0300	0.0300	0.0600	0.0500	0.0500	0.0250	0.0250	0.0517	0.0300	0.0300	0.0575	-	-	-
Announcement Date	9/29/19	3/24/20	9/22/20	5/19/21	11/15/22	11/16/21	11/16/21	5/18/22	11/15/22	11/15/22	11/15/22	5/17/23	11/14/23	-	-	-	-	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,247	441	317	346	850	780	728	650
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.967 x	1.497 x	0.8773 x	0.7749 x	1.94 x	1.762 x	1.474 x	1.215 x
Free Cash Flow ¹	-77	-400	375	284	-352	215	70	89.1
ROE (net income / shareholders' equity)	3.57%	-3.38%	3.56%	5.68%	6.16%	5.19%	6.68%	7.59%
ROA (Net income/ Total Assets)	1.46%	-1.31%	1.51%	2.38%	2.63%	3.14%	3.8%	4.33%
Assets ¹	2,630	34,805	4,311	4,516	4,226	3,409	3,792	4,045
Book Value Per Share ²	6.330	5.000	4.930	5.010	5.420	6.210	6.370	6.690
Cash Flow per Share ²	0.2600	-0.6100	1.110	0.9400	-0.3300	0.9100	0.8100	0.9000
Capex ¹	175	169	48.8	75.8	227	216	225	226
Capex / Sales	4.65%	4.84%	1.52%	2.01%	6.51%	5.89%	5.75%	5.48%
Announcement Date	9/29/19	9/22/20	11/16/21	11/15/22	11/14/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nufarm Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.26 AUD

Average target price

6.008 AUD

Spread / Average Target

+14.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pesticide

	1st Jan change	Capi.
NUFARM LIMITED	+0.77%	1.27B
JIANGSU YANGNONG CHEMICAL CO., LTD.	+2.36%	3.58B
SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD	-17.31%	2.21B
ADAMA LTD.	-9.80%	1.85B
ANHUI GUANGXIN AGROCHEMICAL CO., LTD.	+3.66%	1.8B
ZHEJIANG XINAN CHEMICAL INDUSTRIAL GROUP CO.,LTD	-1.86%	1.6B
SHENZHEN NOPOSION CROP SCIENCE CO., LTD.	+2.91%	1.1B
LIER CHEMICAL CO.,LTD.	-22.39%	1.02B
NANTONG JIANGSHAN AGROCHEMICAL & CHEMICALS CO.,LTD.	-4.02%	951M
BSM CHEMICAL CO.,LTD.	+2.36%	846M

Pesticide