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Asia

Nufarm's Fiscal H1 Results Confirm Cyclical Inflection in Crop Protection, Seeds, Jefferies Says

Nufarm's (ASX:NUF) fiscal first-half results confirmed a cyclical inflection in crop protection and seeds, alongside an improved cashflow outlook that offers a viable route to deleveraging, Jefferies said in a Wednesday note.The company pointed to lean global channel stocks of crop protection products following a period of destocking, and the correction has largely played out with the market stabilized and growers shifting to just-in-time stocking, the investment firm said.Active ingredient prices are recovering but remain low, which should support margins, as should Nufarm's portfolio reset, Jefferies said."Overall, we see the backdrop stable to better after a very tough period for the industry and growers," the equity research firm added.Jefferies lifted its fiscal year 2027 to fiscal year 2028 earnings before interest, taxes, depreciation, and amortization forecasts on Nufarm by 5% to 6%, partly reflecting stronger performance in the crop protection and seeds segments.It upgraded the company's rating to buy from hold, while raising its price target to AU$3.50 per share from AU$2.66.Nufarm shares gained 2% in recent Thursday trade.

ASX:NUF
Asia

Nufarm Posts Higher Fiscal H1 Earnings, Revenue Slips

Nufarm (ASX:NUF) reported Wednesday fiscal first-half earnings of AU$0.108 per share excluding material items, up from AU$0.071 a year earlier.Analysts polled by FactSet expected earnings of AU$0.10.Revenue for the six months ended March 31 was AU$1.71 billion, compared with AU$1.81 billion a year earlier. Analysts surveyed by FactSet expected AU$1.84 billion.

ASX:NUF
Asia

Asia-Pacific Agrochemical Issuers Have Buffers for Middle East War Risks, Fitch Says

Asia-Pacific agrochemical issuers are capable of cushioning against increased freight, fuel, and input costs due to the Middle East conflict, preventing near-term rating pressure, Fitch Ratings said in a recent release.Nufarm (ASX:NUF), UPL (NSE:UPL, BOM:512070), and Syngenta Group have narrow direct vulnerabilities from the region, differentiated sourcing, and ample inventory serving as buffers for the first-round impact on earnings, Fitch said.Fitch expects supply chain disruption to not be impactful enough on the issuers' credit profiles in the near term, especially with operating flexibility and geographic diversification.Issuers' credit strength will also gain support from their business mix, although this would be uneven across products, with seeds the most staunch due to their key role in crop planning and fertilizers being more exposed amid a growing share of farmers' costs.The impact of crop protection lies between the other two products since its demand is less inelastic than food demand, Fitch said.The rating agency still sees dampened near-term profitability due to a gradual and initially incomplete cost pass-through.

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Asia

Nufarm's Fiscal H1 Update 'Encouraging,' But Shares Already Priced for Improvement, Jefferies Says

Nufarm's (ASX:NUF) pre-announcement of a fiscal first-half 2026 earnings before interest, taxes, depreciation, and amortization range of AU$236 million to AU$244 million was an "encouraging" update, pointing to positive momentum into April and the normal operations of supply chains, Jefferies said in a Wednesday note."While positive, leverage remains high (1H26e: 3.6x) for a business with volatile earnings, and we would like to see more evidence of stabilization in [crop protection] markets given pressured farmer profitability," the equity research firm said.It added that Nufarm's Omega-3 break-even costs are still higher than fish oil equivalent pricing, indicating continued margin pressure for the company's growth platform, but full deregulation, potentially from 2028, could improve the cost profile.Jefferies maintained a hold rating on the company, saying that it is advancing in the right direction but its shares are already priced for improvement. The equity research firm also raised its price target on the company's shares to AU$2.66 from AU$2.58 based on a sum-of-the-parts valuation."Overall, we see better opportunities in other industrial cyclical names with better returning businesses and less volatile earnings profiles," Jefferies said.Nufarm's shares were up almost 2% in recent Thursday trade.

ASX:NUF
Asia

Nufarm Sees Fiscal H1 Underlying EBITDA of Up to AU$244 Million; Shares Surge 16%

Nufarm (ASX:NUF) said its fiscal first-half underlying earnings before interest, tax, depreciation, and amortization (EBITDA) is expected to be between AU$239 million and AU$244 million, up about 17% on the prior corresponding period at the midpoint, according to a Wednesday Australian bourse filing.The company said net debt as of March 31 stood at about AU$1.23 billion, down AU$130 million on the prior corresponding period, with net debt to underlying EBITDA for the last 12 months of about 3.6 times, a 20% reduction on the prior corresponding period.Nufarm said a strategy refresh is targeting an additional AU$50 million in cost savings, with cash implementation costs of about AU$15 million weighted toward fiscal 2027 and full run-rate savings expected by the end of that year.The company said positive trading momentum has continued across all regions in April, with supply chains operating largely normally as it manages higher costs of active ingredients, freight and energy arising from the Middle East conflict through inventory management and pricing actions.Nufarm's shares surged 16% in recent Wednesday trade.

ASX:NUF